Union Bank of India has launched interoperability of India’s Central Bank Digital Currency (CBDC) with UPI under the aegis of RBI. Union Bank of India has been one of the pioneer Banks in integrating Bank’s digital e-rupee with UPI Platform.
Now the customers of the Bank would be able to scan any merchant UPI QR Code from Union Bank’s Digital e-rupee Wallet and initiate a payment to the merchant in his UPI linked account in a secured environment. It will enable merchants to collect payments through both UPI and Union Bank Digital e-rupee through single QR Code, thereby eliminating the need to have multiple QR codes for payment collections. This facility is currently enabled for undertaking P2M & P2PM transactions.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections.
