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As we all know we have been recently getting mails from our banks asking us to try out their Erupee apps.
The Erupee copilot program was started in December 2022 and it has been almost a year now.
Until October there were roughly 25000 transactions per day but since RBI has poked banks to pump the transaction volume they have done a few things.
Banks like Kotak, HDFC, Axis etc... have started giving employee benefits to their employees and spiked up the transaction volume.
As per latest data there are around 1 million transactions happening on the CBDC ledger.
May be banks will now reconsider the UI/UX of their apps and start improvising on it.

Source: India's digital currency transactions top 1 million/day in December (https://www.moneycontrol.com/news/india/indias-digital-currency-transactions-top-1-millionday-in-december-11998411.html)

They achieved 1 million transaction per day by asking their employees to use it, that is some stupid tactics. Few days back I received a notification from my bank that a small transaction using the digital rupee wallet will qualify me for a bonu of INR 5. Even Amazon give more cash back than those the RBI. If they want Indians to use the digital rupee like UPI they need to provide some good offers first. Such shitty offers won't help them.

Let me correct you, its not 1 million transactions per day, it's 1 million in volume per day which means 10 lakh rupees for a day and that won't even be a considerable amount to be honest and even those 1 million is achieved simply because banks tried moving funds back and forth which created volume and so they can claim there is spike in the volume.

Yeah that's very true. Just because the RBI poked the banks they started this initiative of giving their employees incentive in eRupee.
If RBI wouldn't have made this a target then we wouldn't have reached 1 million transactions a day.


No, it's actually the count of transactions that have hit 1 million per day as per the article I have posted in OP.

If that is what they are saying then I don't believe in it, because it is impossible that they reached 1 million transactions mark per day when there is very few vendors that accept it as payment for the entire district so probably as I said they are doing all the transactions for themselves to increase the count but can they make such high numbers even if they do send back and forth for themselves.

I guess their promotional logic is that if CBDC is made popular the use of crypto will reduce. But when I already have the UPI why will I use the CBDC? They are going to come up with more offers and promotions - but question is for how long they can sustain this? It will be a poorly managed ecosystem where only promos run the transactions.

Lets see how the government goes with this, till date, I am not sure if it has made an impact as what UPI did.

That will automatically happen when Amazon/Paytm/GPay adopts eRupee, even for UPI these apps give better offers and not official apps like BHIM. RBI should focus on improving eRupee, and then make it adopt.

That's too "to qualify" for a bonus of worth INR 5, wow. they need to make something like get a chance to win a share of rupees 1Crore, that type of promotion will be better than this.
It will be good if apps like paytm, phonepe, etc. integrate this wallet on their app it will be used by many people but I think it is going to be a competitor for them. ;D


it is also possible that they have just lied about it..? but it can be possible because this app is already got downloaded by 500k+ users on play store, that too be only by SBI bank's app.
the users will be huge because many banks have their own app. I don't think it is fake. but who knows.
https://i.ibb.co/7WPC0xT/Screenshot-2024-01-07-142144.png (https://play.google.com/store/apps/details?id=org.npci.erupeeSBI&hl=en&gl=US)

That is the point why would anyone move from UPI to digital rupee? Promotion and making the mandatory requirements of its usage with employees of the bank won't help in the long term. There should be a valid reason to use it, which is not available as per my understanding.


This might be off-topic since it is related to SBI, but I am sharing it here. Recently a group of scammers were caught in a small village in Tamil Nadu. They were running a SBI bank branch, but they got caught because the villagers felt they were too polite to be employees of SBI. So, they went and reported it to the local police station and that's how these guys were caught.

The SBI app getting downloaded by 500+ users is very suspicious to me. They have one of the worst UI in apps, have you tried using the YONO app? Nothing works on that app as they claim. 

That's right. There should be a purpose to use the app. UPI solved the problem of micro transactions and provided ease of convenience for money transfers.
ERupee is not doing anything different and so the chances are that it will not become as successful as UPI did.
That is the reason why the government is planning to merge UPI and eRupee. Don't know how that's gonna workout in the future.


Lol  ;D , I read this news and fell on the floor laughing because of the reason how the fraudsters got caught.
Too polite ? Lol.

YONO is pretty bad and I used them too because SBI as my first bank account like most of the Indian residents and 6/10 times the payments will be failed due to server error and for a government bank with such large userbase not given proper resource like HDFC or ICICI do.

But for the record it is the official erupee wallet app from SBI. :D

eRupee by SBI (https://play.google.com/store/apps/details?id=org.npci.erupeeSBI&hl=en&gl=US)

As far as information from SBI employees go, they paid a lot of money to TCS to develop this app and look at what sort of a app they ended up with. From the outside it looks good but inside its buggy and not adopted to modern smartphones. Often goes on maintenance over weekends and server crashes are nothing new.

I will wait before starting that journey. If I dont find any use of that system why will I install it. They need to convince me to use it not the other way round.

Indian government needs to hire quality developers as in the one hired by Paytm, Jupiter, DBS and such. All of government apps and banking apps (Except DBS) I have come across outright suck that I'd rather prefer to use their services through third party apps.

TCS is infamous for making petty apps, yet companies keep delegating development tasks to them.

Has anyone used the E Rupee in this forum yet? I have receiving emails from my banks but didn't yet sign up for this. Can anyone share their experience here? It will help others to understand more about the system and might encourage people to sign up for it.

The only reason I didn't sign up, is to avoid additional surveillance on my account. I am very much concerned about this.

I had installed the app for testing purpose and my review is below.

In the registration process, I had observed that they were linking my bank account with the wallet without even giving the flexibility to choose whether I wanted to link my bank account or not. Then I observed that they were holding the private key on my behalf without providing any option to me for holding the keys.
These were 2 things that concerned me. After that I was able to use the app without any hassle and the UI doesn't seem bad to me.
It's good for starters and can improve with time.

https://talkimg.com/images/2024/01/19/3bYw2.jpeghttps://talkimg.com/images/2024/01/19/3bkiz.jpeghttps://talkimg.com/images/2024/01/19/3bfNc.jpeg

you don't need quality when you already know it's going to act like shit, smell like shit, perform like shit.

So I really this digital rupee is going to work like digital wallets. You need to link your bank account put money on to that wallet and use it anywhere. That got me thinking, if I have to link my bank account, then why can't I just use upi? I mean what a difference does it make for the individuals?

Usually any government apps work like shit. If you simply compare BHIM during the initial days of upi with what it is now, you will understand. The UI can become better with time, but not the intention!

BTW, I found a way to get anyone being duped on Binance P2P. Ask the merchant to pay in eRupee and they will avoid their bad money to be credited. If you don't understand why then do understand that it is governed by RBI.

I though I was the only one who had this question, yes how is it different than UPI payments? If we have to top up the wallet and then make the payment why would people adopt to it? they have initially persuaded bank employees to make transactions through it to show volumes and  UI will indeed increase but there should be an USP for any product and I couldn't find one and I am sure government is not going to come up with any cashback or something like that as they won't spend on incentivizing this and the mere cashback of Rs. 5 is not gonna help here.

I don't see any difference either but for now we can't really spend erupee cause merchants accepting eruppe is close to zero in my circle but private banks already into the games and launched their official erupee wallet/app that looks like bug free, I tried ICICI official app which is doing all the work as its supposed to be, but only issue is I can't find a merchant to use the money.


Do you see offers to receive payments in erupee? I haven't seen any such payment offers on Paxful which I regularly use, so I may check it out how good the user experience of trading in erupee.

Yes, we do see offers on Binance P2P which accepts the transaction in eRupee. In fact, I just made my first eRupee transaction.
I made a P2P transaction on Binance and encashed some money into the eRupee wallet.
After that, I redeemed the amount which then got credited directly to my bank account.

Can you tell us a bit about the details of this process and how much in total you had to pay ("Waste") in fees? What about taxation and all that horrible stuff?

I thought Binance was blocked by our ISPs at present. Did you use a VPN to access it?

If it is good enough, then we can proceed with selling some of our crypto stashes during this bull run.

I was using binance app in my phone. It is still accessible without any VPN.
You cannot install it from playstore anymore but if you already have it installed then you can continue using it.
On Binance, I just matched a P2P order for a certain price and that was it. There were no additional charges.
The amount they showed was the same that got credited in my eRupee wallet and then I redeemed it in bank account.
There were no such charges in getting it in the bank. Now it all depends on what you show in your ITR while filling taxes.