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Digital Rupee Digital Banking Wallet Banking Difference

By Amit - December 2, 2022

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Digital Rupee (symbolic image)

New Delhi:

Digital rupee has been launched in the country. RBI has started it on Thursday as a pilot project in four cities. The first phase of e-Rupee has been started in New Delhi, Mumbai, Bengaluru and Bhubaneswar. The trial of Digital Rupee has currently been started among limited users. Four banks – State Bank of India (SBI), ICICI Bank (ICICI Bank), Yes Bank (YES Bank) and IDFC First Bank (IDFC First Bank) have been included in this. Along with these lenders banks, customers and merchants will be able to transact in digital rupee.

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How will transactions in digital currency be different from digital banking?
On talking to banking expert Sanjay Kumar, he told that whenever there is a transaction between two people in digital currency, no one else will know about it. That means anonymity will remain. This will be the biggest difference which does not happen in today’s date on the occasion of doing transactions through net banking or wallet banking or any payment app. In clear words, now you need a medium to make payment. The information about your payment is available to the app and both the banks. Along with this, there is also a possibility of payment going to the wrong account. These types of disputes often arise.

It is also necessary to clarify here that there will be no possibility of black money because the account of the money given in the wallet remains.

It is also clear from this that now the transaction will also be more secure. Through the money in the wallet given by the bank, any holder can make payment to anyone else through QR code.
Another special thing is that payment can be made in all the denominations available in Indian currency. The user can keep these denominations in his wallet and make payments from the bank.

There are many questions that how will the wallet be protected… Is there a fear of the wallet being hacked. Will these types of transactions happen through phone only… If such transactions happen then what is the need of digital currency… Answers to all these questions will be given to you soon.

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