RBI opens digital rupee pilot to fintechs, startups
The RBI just made its digital rupee sandbox way more accessible.
What started in December 2022 as a pilot for a few banks is now open to fintechs and startups, letting them build and test digital rupee products—either solo or by teaming up with banks.
The goal? More innovation, smoother user experiences, and potentially making digital payments safer for everyone.
Fintechs can now use APIs to experiment with digital rupee
With the expanded sandbox, fintechs can use APIs to experiment with digital rupee features in real-life scenarios.
Since the e-rupee pilot kicked off in December 2022, people have been using it for both peer-to-peer and merchant payments.
Interoperability with UPI and QR codes has already begun rolling out in the pilot phase.
RBI is also working on offline payments, programmable money
RBI is working on offline payments and programmable money—think payments that work without internet and more customizable options.
Plus, the upcoming Unified Markets Interface will let financial assets be tokenized and settled using wholesale digital rupees.
All of this is part of India's plan to keep its payment tech on par with global trends.
Digital rupee pilot has around 70 lakh users
The digital rupee pilot already has about 70 lakh users and, at its peak, saw around 10 lakh transactions daily, though recent figures are lower.
By opening up the sandbox, RBI hopes to speed up the rollout and make digital rupee products even better before they go mainstream.