E-Rupee is a cashless and contactless means of making digital payments without internet connectivity, and this is the only guide you will need to learn its usage. It is a e-voucher in the forms of QR code or SMS that a beneficiary gets in order to complete transactions effortlessly. As the voucher is in the form of a QR code or is as an SMS string-based, it eliminates any misuse of the voucher.
You can learn more about E-Rupee in this article on E-Rupee Digital Wallet in 2022
Table of Contents
Here is a step-by-step guide for activating the E-Rupee (retail CBDC) wallet in SBI.
- To begin, clients must log in to the SBI app on their mobile devices and choose the terms and conditions for activating CBDC.
- The app will ask the user to pick the sim card (if the phone has two) that is tied to the existing bank account.
- The app will validate the SIM card and offer the user the option of creating an app PIN for the E-Rupee Wallet.
- The user must next input his or her name.
- The app will then send a recovery code, which will safeguard the e-Rupee wallet. This recovery code is critical and should be kept secure since it will assist the user in recovering his or her e-wallet in the future if the need arises.
- The user will next be prompted to create a six-digit wallet PIN.
- The app will then alert you that the e-Rupee wallet has been established successfully. The e-Rupee Wallet, however, is still not connected to the user’s current bank account.
- At this point, the app will prompt the consumer to choose between a basic wallet, an Aadhar KYC wallet, or linking his or her current SBI account to the wallet for a complete KYC wallet.
- When a client links his or her current SBI account to the e-Rupee Wallet, the app will retrieve information from his or her existing bank and request that he submits his or her debit or ATM card data (the last six numbers of the card and the expiration date) for KYC verification.
- Following that, the customer’s current SBI account will be successfully connected to the SBI e-Rupee (retail CBDC) Wallet.
Transacting through SBI e-wallet
- The app will then take the user to the e-Rupee webpage, where he or she may transmit, collect, load, or redeem his or her e-Rupee.
- The denominations of the digital notes will be Rs 20, 50, 100, 200, 500, and 2,000. To make payments, the user may also load coins.
- Assume the consumer wishes to make an Rs. 75 digital payment. Before depositing money into his or her e-Rupee Wallet, he or she must first select Rs 50, Rs 20 twice, and a Rs 5 e-coin.
- After entering the six-digit Wallet PIN, the money will be successfully loaded into the e-Rupee Wallet.
- Following that, the user may continue with the payment. By clicking on the wallet tab in the upper right-hand corner of the dashboard, the user may also view the total amount and the denomination of the currency.
- The user may also use the six-digit Wallet PIN to return the digital cash to his associated account.
Guide to use the Yes Bank E-Rupee (Retail CBDC) Wallet
According to a news statement issued by Yes Bank on December 2, 2022, the bank implemented RBI’s Central Bank Digital Currency (CBDC) for its closed user group (CUG), which includes retail customers and businesses. Yes Bank is one of four banks that the RBI chose to participate in the first pilot of its digital currency for the retail sector.
Yes bank retail consumers who are CUG members will get a digital rupee app. Customers may conduct transactions in digital rupees by using Yes Bank’s simple and secure digital wallet.
The digital rupee wallet will work similarly to a traditional wallet, but in digital form, and will be available for download on Android-powered devices.
Customers may use the digital rupee wallet to pay businesses and people participating in the CUG pilot. Customers can make the payments to retailers by scanning a unique QR code present at each merchant’s touchpoint. To take part in this digital payment journey and activate their wallet, a chosen few consumers will need to download the Yes Bank Digital Rupee wallet using the online link supplied by the bank.
CBDC will be provided as an additional payment option in current payment systems. According to the RBI’s concept note, the digital rupee will boost India’s digital economy, increase financial inclusion, and improve the efficiency of the monetary and payment systems.
The government will not have to shoulder the expense of actual cash with CBDC. The digital rupee will also foster payment innovation.
IDFC Bank E-Rupee (Retail CBDC) Wallet Activation Guide
This guide makes it simple and fast to load money into your e-rupee wallet. You must download the CBDC app and register using the whitelisted and associated IDFC bank account number. After successfully registering and receiving your wallet ID, you may fill the wallet using the IDFC FIRST Bank account or UPI applications on the same smartphone by following the procedures below:
Step 1: On the home page of the app, tap “load.”
Step 2: Enter the amount or select denominations by swiping up for the amount you want to add. Tap on “Load digital rupee” and select denominations by swiping up for the amount you want to add. Tap on “Load digital rupee.”
Step 3: You can choose any of the modes mentioned below to add a digital rupee to your wallet and follow the onscreen instructions.
- Transferring funds from your linked bank account
- Transferring funds through different UPI apps
Step 4: After successful PIN verification, the linked account will be debited and the e-rupee (digital rupee) will be credited to your digital wallet in the same denominations instantly.
Guide to redeem an e-rupee wallet and transfer that to a bank account?
Redeeming digital rupees from the e-rupee wallet is a straightforward process. All you have to do is
Step 1: Tap Redeem on the home page of the app.
Step 2: Select denominations by swiping up for the amount you want to redeem. Tap on “Redeem digital rupees.”
Step 3: Choose the linked bank account that you want to credit and follow the onscreen instructions.
Step 4: After successful PIN verification, the linked account will be credited with the equivalent amount, and the e-wallet will be debited instantly.
Whom can you pay, and how, using an e-Rupee wallet?
E-Rupee wallet consumers can only perform wallet-to-wallet transfers for payments to start with, i.e.
- Another user with a CBDC wallet (IDFC and non-IDFC).
- CBD wallet owners can pay by scanning the QR code.
To perform a transaction using a digital wallet,
Step 1: Tap on “Send” on the app’s homepage.
Step 2: You can send e-money using the Digital Rupee VPA, the beneficiary’s phone number who has registered for the e-money, or by scanning the e-money QR code.
See also: Chinese Loan app fraud: 3 legal actions
The ICICI E-Wallet Registration Guide
The Digital Rupee Wallet provides a safe and quick method to transfer and receive money. The digital rupee is a digital representation of the Indian rupee. The Reserve Bank of India issues and regulates the digital rupee. The app will only operate on Android smartphones. Download it from here.
- Select the SIM to be used for registration (select the SIM with the mobile number linked to your bank accounts, in case you wish to link a bank account for deposit and withdrawal of digital rupees).
- Set the app login method from among “PIN, pattern, or biometric” methods.
- Set the 6-digit wallet PIN.
- A list of all ICICI Bank accounts linked with the user’s mobile number appears. The user selects a bank account to link.
- The user is asked to enter the “last six digits of the debit card” and the “expiration date” of the debit card associated with the selected bank account.
- After successful authentication, the selected bank account is linked to the wallet account, and the registration is complete.
Withdrawing digital rupees from my bank account
- Select the total token amount or select the different denominations of the digital rupee, and click on load.
- Select the loading method from the following options:
- (If you want to use your linked ICICI Bank Account)
- Other UPI account (if you want to use any non-ICICI Bank UPI account)
- If you have selected the linked bank account, enter the 6-digit wallet PIN to authenticate the transaction.
- If you have selected “Other UPI Account,” a list of all UPI apps available on your phone appears. Select your preferred UPI app and enter your UPI PIN to complete the transaction.
- The money is deducted from the bank account, and the digital rupee tokens are successfully loaded into the wallet.
Depositing digital rupees in my bank account
- Select the total token amount.
- Click on “unload.”
- Select the linked bank account that needs to be credited.
- Digital rupee tokens are unloaded from the user’s wallet, and the bank account is credited.
How to do transactions from the Digital Rupee app
- Log in to the wallet app and click on “Send.”
- Choose a payment method (Phone Number or QR Code).
- Enter the amount or select the number of different denominations of tokens available in the wallet and click on “Send.”
- Transfer confirmation to the user with the transaction ID.
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