Tag: CBDC

Digital Payments: Revolutionising India’s Financial Landscape

UPI: The Backbone of India’s Digital Payments
IMPS and NEFT: Real-Time and Reliable Fund Transfers
Prepaid Cards, Wallets & Contactless Payments on the Rise
Government-Led Innovations: e-RUPI & CBDC
AEPS: Biometric-Driven Financial Inclusion
AI and ML Enhancing Security and Customer Experience
Open Banking & API Integration: The Future of Digital Payments

CBDC: Analyzing the nascent experience in China, Nigeria, and Sweden

China’s e-CNY (under pilot):
Nigeria’s eNaira (launched):
Sweden’s eKrona (under pilot):
References:
The Reserve Bank of India (RBI) will debut the Digital Rupee in the Financial Year 2022-23, according to the Hon’ble Finance Minister of India’s Union Budget Speech on February 1, 2022. Meanwhile, China’s e-Yuan, currently in pilot mode, had begun its tests in major cities, focusing on cashless transactions.

Union Budget 2022 laid the foundation and gave a blueprint of the economy for the next 25 years – from India at 75 to India at 100, with the focus on fast-tracking the economy, providing opportunities to businesses, and creating six million new jobs. Among the range of significant announcements, the reforms on Digital Currency were highlighted as pivotal to the modernization of the Indian economy.