India’s Digital Currency e-Rupi Implements Offline Functionality

03/04/2023 08:10 • Digital Disruptors • 95 views

It is reported that Ajay Kumar Choudhary, Executive Director of the Reserve Bank of India (RBI), revealed that India’s recently launched internal central bank digital currency (CBDC) e-rupi is now testing the offline function. （cointelegraph）

CBDC recently launched in India is testing offline function

Analysis based on this information:

The Reserve Bank of India (RBI) has been working on a central bank digital currency (CBDC) called e-Rupi, and it has recently been reported that the currency is testing its offline functionality. Ajay Kumar Choudhary, Executive Director of RBI, announced that the e-Rupi has begun testing its offline feature, which will allow transactions to be completed in areas where internet connectivity is not available.

The e-Rupi is a digital currency that is designed to streamline a wide variety of transactions, particularly those in which intermediaries may cause delays or increase costs. The currency operates as a prepaid voucher system that can be redeemed by beneficiaries without a bank account or smartphone. It is designed to provide seamless transactions with digitized vouchers. Users can use e-Rupi vouchers from their phones by simply sending them to any mobile number without sharing their bank account details. The vouchers can also be used at merchant locations without providing personal information to the merchant.

While the e-Rupi has been in operation since August 2021, the offline feature is a new update. The feature is important as it will help expand the e-Rupi’s reach and accessibility to areas with poor internet connectivity, which are prevalent in India. Additionally, the e-Rupi is expected to reduce corruption and ensure the efficient and transparent disbursement of benefits such as scholarships and subsidies to beneficiaries.

The decision to test this offline functionality highlights the government’s commitment to developing digital infrastructure that can support the growing need for digital transactions. It is also significant because it will help make e-Rupi more accessible to more people in India, particularly in remote areas. The e-Rupi is not only convenient, but it also enhances security by eliminating the risk of counterfeiting, and it reduces the risk of fraud.

In conclusion, the progress of the e-Rupi digital currency shows that India is advancing towards a cashless society. The adoption of such digital currencies will help expand financial inclusion in India, making it easier for people to participate in the economy. With increasing demand for digital payments solutions, the e-Rupi is poised to become an essential tool for individuals and businesses alike.

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India’s Digital Currency e-Rupi Implements Offline Functionality

CBDC recently launched in India is testing offline function

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