Axis Bank has introduced UPI interoperability functionality on its CBDC app (Axis Mobile Digital Rupee). This is a part of the Reserve Bank of India's ongoing CBDC (Central Bank Digital Currency) initiative.
With the introduction of this feature, customers will be able to seamlessly use Digital Rupee to pay to existing UPI QR codes of merchants. Additionally, this capability will help merchants to embrace the acceptance of Digital Rupee payments on their existing QR codes, eliminating the need of mandatory on boarding.
Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
