India’s digital rupee wallet providers will be expanded from banks to non-bank payment operators. During a monetary policy statement today, Reserve Bank of India Governor Shri Shaktikanta Das announced the retail central bank digital currency (CBDC) move.
In a subsequent press conference, Deputy Governor T Rabi Sankar gave an update on volume. As previously reported, in late December, volumes hit a target of one million transactions for a single day. Mr Sankar said this was due to enabling interoperability with UPI, India’s instant payment system.
However, he said that volumes have slowed since then. Now the cumulative transactions surpassed 22 million since the start of the pilot in December 2022. Regarding the number of onboarded users, there are 4.6 million consumers and four hundred thousand merchants.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
