Introducing the Digital Rupee (e₹)

How Does the Digital Rupee Work?
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You may store digital Rupees in your bank’s digital wallet CBDC-R app. The digital wallet works in the same way as your cash wallet, except these transactions will be entirely paperless.​​​​​​​

How to Sign Up for e₹ through HDFC Bank?

How to transact with e₹ on HDFC Bank?

• Once you have enrolled/registered, just load HDFC Bank’s Digital Rupee Wallet and choose your desired amount of e₹.

• You can also select the denominations. Just like physical currency, the e₹ is available in ₹1, ₹2, ₹10, ₹20, ₹50, ₹100 and ₹500 denominations. 

• The loading process is simple

• Once you have e₹ in your HDFC Bank Digital Wallet, you can use them to purchase goods and services at numerous merchants that are part of the e₹ pilot program. All you have to do is scan and pay.
  
  

How is e₹ different from Cash, UPI, and Cryptocurrency?

A cryptocurrency is a decentralized asset where transactions between parties are settled by a pool of users. In e₹, the central bank takes responsibility for ensuring the transactions are settled.

Besides, e₹ will enjoy the same stability in value as the rupee while cryptocurrencies can be very volatile.

What is e₹?

How does e₹ work?

e₹ will work in the same way as bank notes and coins – if you possess them, you can use them in lieu of cash. You may store e₹ in your bank’s e₹ app. The digital wallet works in the same way as your cash wallet, except these transactions will be entirely paperless.

You can either conduct e₹ transactions anonymously, simply by obtaining the sender/receiver’s phone number or QR code, or you can opt for account-based e₹ transactions.

How is e₹ different from UPI or other fund transfer modes?

UPI/NEFT/RTGS/IMPS are all forms of digital payments. e₹ is a digital form of currency and is a legal tender provided by RBI that is similar to physical cash, but in a digital form.

Is e₹ the same as cryptocurrencies such as bitcoin?

e₹ is an RBI digital currency. It is like cash in a digital form which has a value as per the denomination of the currency. On the other hand, cryptocurrencies like bitcoins are public currencies (not backed by RBI).

• For the pilot phase, bank will reach out to customers selected for the e₹ pilot program. Customers who wish to participate will follow the steps given below:
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• Bank will send a link to the selected customers.
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• Customer will be able to download the app from the link.
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• Customer will undertake the registration process as guided on the app.
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• Customer will load e₹ currency on the app.
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• Customer can then send/receive currency from other customers/merchants participating one ₹ pilot.