IndusInd Bank has partnered with Indraprastha Gas Limited (IGL), to facilitate the acceptance of Digital Rupee, the Central Bank Digital Currency (CBDC) launched by the Reserve Bank of India in 2022. This collaboration will enable customers at select IGL stations in Delhi NCR, to make payments using the Digital Rupee, fostering the use and acceptance of India’s Digital Currency. Through UPI interoperability, customers can scan any UPI QR using their Digital Rupee App across all IGL stations.

As one of the pilot banks participating in RBI’s CBDC initiative, IndusInd Bank believes in the value added by CBDC and aims to provide a seamless and comprehensive payment experience to its customers through the usage of Digital Currency. The Digital Rupee solution is available on both iOS and Android platforms, ensuring a user-friendly experience and offering various features such as peer-to-peer (P2P) and peer-to-merchant (P2M) payments with complete UPI QR interoperability.

The acceptance of digital rupee

Sumant Kathpalia, Managing Director & CEO, IndusInd Bank, said: “The adoption of CBDC is a significant step in reshaping financial landscape. We believe that Digital Rupee, with its blockchain technology, fortifies financial services, by offering faster, convenient and secure transactions. With the introduction of UPI interoperability, Digital Rupee is poised to become another significant platform contributing towards a ‘cashless’ economy.”

Arun Khurana, Deputy CEO, IndusInd Bank, sa “This strategic partnership with IGL, one of our key customers, marks a significant milestone in our efforts to promote Digital Rupee. It is a progressive step in our constant endeavor to simplify banking experience for the customers and participants in the banking eco-system.”

Mr. Kamal Kishore Chatiwal, Managing Director of IGL, stated that, “We are proud to be part of this pioneering endeavour that integrates our expertise in natural gas distribution with the financial sector. This initiative is right step in enabling secure, inclusive, sustainable and efficient mode of digital transaction which will further strengthen India’s position in the global economy.”

This strategic collaboration between IndusInd Bank and IGL highlights the commitment in efforts towards the acceptance of the digital rupee. It also emphasises their dedication to providing customers with a seamless and secure digital payment experience, fostering the growth of a digitally empowered economy.

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By GlobalData