Oh digital rupee is already live!?

[libert19]

I was checking my mails and came across this mail [1] from hdfc. I was surprised to see digital rupee already live. So I decided to give app a try, process of registration was relatively smooth, after registering I tried to load wallet with 10 rupee, funds were transferred from my bank account but digital rupee never showed them  

Aside from that obvious problem, interface (mostly) works but is quite ugly, some options are bugged, there is field called "activate mobile number" in wallet section, you are supposed to activate to receive money with mobile number, if you click it, it'll show success pop-up but nothing actually happens.

You are also given wallet address like crypto blockchains do, can't figure out how to see this address fully (will they have explorer?), it was shown fully during registration, now it's hidden with stars.

Hopefully, paytm/phonepe will adopt it whenever it's ready, and give it a better ui. Better customer support too.

I read it works with upi qr codes, so it's really good thing.


[1] https://www.talkimg.com/image/Nt3w5

p.s. I'll update post when/if I receive loaded 10 rupee

Edit: Received the refund in bank.

[1715098958]

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[1715098958]

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[Bitcoin Smith]

Hopefully, paytm/phonepe will adopt it whenever it's ready, and give it a better ui. Better customer support too.

I read it works with upi qr codes, so it's really good thing.

No, it doesn't work with UPI QR codes.

Where can Digital Rupee be used?

Customers can transfer the tokens to each other through VPA, Mobile No. and QR Code. Customers can pay merchants through the Digital Rupee QR Code.

Digital Rupee FAQ's

Means you can send the funds via QR codes which is another ewallet address not just anyother UPI QR code. Also I am yet to see e-rupee as payment mode in all the platforms I use everyday.

[libert19]

Hopefully, paytm/phonepe will adopt it whenever it's ready, and give it a better ui. Better customer support too.

I read it works with upi qr codes, so it's really good thing.

No, it doesn't work with UPI QR codes.

Where can Digital Rupee be used?

Customers can transfer the tokens to each other through VPA, Mobile No. and QR Code. Customers can pay merchants through the Digital Rupee QR Code.

Digital Rupee FAQ's

Means you can send the funds via QR codes which is another ewallet address not just anyother UPI QR code. Also I am yet to see e-rupee as payment mode in all the platforms I use everyday.

It says so in update notes [1]. I would confirm it myself had my load transaction went through.

Link you gave is from icici, update notes are from hdfc. If it were to support upi qr codes, we'll see adoption of erupee faster than toiling standalone.




https://www.talkimg.com/image/NsawT

[Bitcoin Smith]

It says so in update notes [1]. I would confirm it myself had my load transaction went through.

Link you gave is from icici, update notes are from hdfc. If it were to support upi qr codes, we'll see adoption of erupee faster than toiling standalone.

Okay, I got it, this interoperability feature implemented a couple of months back and most banks are yet to integrate it that explains why we see contrast statements on two official banking websites.

I use ICICI as my primary bank account, and they seem not really interested in this CBDC concept, so not notifying their customers too.

[pakhitheboss]

I download the app a few weeks ago and it lacks everything for now. As it is still a test version that might be the reason why not everyone is happy with the app. I am still unable to figure out the actual usage of digital ruppe. Why would anyone need it if they have UPI or wallet. I don't think it will be very useful unless the RBI comes up with its unique usage. For example international transfers.

[TheUltraElite]

I am still waiting to see how the digital rupee system is going to work out.

The pilot project registration was already started and I think I saw some news articles regarding this but it quickly faded out and is out of the buzz at this point. Regardless so is the CBDC buzz from the net.

I think UPI/banking will be seperate from digital rupee which is supposed to be a CBDC.

[Bitcoin Smith]

I think UPI/banking will be seperate from digital rupee which is supposed to be a CBDC.

It is supposed to work like that but what the banks are doing is to interlink them in someway to promote the usage of erupee but honestly there is no difference in CBDC from digital money so why government wants to spend extra resources.

Also I read an article that banks are working on making some related to UPI chargebacks, which is any payment made over 2000 rupees will be available to chargeback from the user end itself for the 4 hours which is to prevent scams related to UPI.

[libert19]

Ok, so I got refund of those 10 rupee, and tried to load again still it didn't work with Paytm app but when paying with Google pay it worked (irrespective of bank you choose to pay with, I thought error was due to bank but it was not so, it's just some error between Paytm app <-> rupee app).

[pakhitheboss]

Ok, so I got refund of those 10 rupee, and tried to load again still it didn't work with Paytm app but when paying with Google pay it worked (irrespective of bank you choose to pay with, I thought error was due to bank but it was not so, it's just some error between Paytm app <-> rupee app).

I do not think that Paytm, Google Pay, or Phonepe can use eRupee. They are the only interface for UPI transactions and have their wallets, which most of us do not use. Are you sure you were trying to load eRupee? I have the eRupee wallet which is directly connected to my bank account I can load the money easily but can only transfer it for now to anyone who has the same kind of wallet. Merchants are not accepting the digital version of Ruppe for now maybe they will be later on as it is still a pilot project.  

It is supposed to work like that but what the banks are doing is to interlink them in someway to promote the usage of erupee but honestly there is no difference in CBDC from digital money so why government wants to spend extra resources.

I am also clueless as to why so much money is being spent on the CBDC project. In a perfect case, it might be to boost International payments for expats based in the Middle East, Europe, and the US. In those regions, SBI has its base and some other government banks. Expats generally use the government banks to transfer money to India I am sure RBI want to move from the SWIFT payment system to CBDC to improve the payment processing time and reduce the fee for transaction.

[libert19]

Ok, so I got refund of those 10 rupee, and tried to load again still it didn't work with Paytm app but when paying with Google pay it worked (irrespective of bank you choose to pay with, I thought error was due to bank but it was not so, it's just some error between Paytm app <-> rupee app).

I do not think that Paytm, Google Pay, or Phonepe can use eRupee. They are the only interface for UPI transactions and have their wallets, which most of us do not use. Are you sure you were trying to load eRupee? I have the eRupee wallet which is directly connected to my bank account I can load the money easily..

Yea, they don't, I'm talking about making payment of fiat money through paytm/google pay to load into eRupee. It's just like you said, you load eRupee with your linked bank account, here I do same with Paytm/google pay.

[Bureau]

There is way to get money credited to a digital ruppe wallet. You need to click on collect and write down the amount. It is similar to what we do to generate an invoice using Electrum wallet. I think libert19 might be using the same feature to make upload digital money.

I did try using Paytm interface and it came up with a werid excuse which I cannot post as it displays my account and everything. I don't i understand why it doesn't work for PayTM as they are one of the biggest interface after Phone pay. I am not sure about Google pay as I don't they are good with payment.

[libert19]

There is way to get money credited to a digital ruppe wallet. You need to click on collect and write down the amount. It is similar to what we do to generate an invoice using Electrum wallet. I think libert19 might be using the same feature to make upload digital money.

No, 'collect' option is used to generate qr code to receive money. You use 'load' option load money from your bank account, similar how you load into Paytm wallet from your bank account.

[Bitcoin Smith]

There is way to get money credited to a digital ruppe wallet. You need to click on collect and write down the amount. It is similar to what we do to generate an invoice using Electrum wallet. I think libert19 might be using the same feature to make upload digital money.

No, 'collect' option is used to generate qr code to receive money. You use 'load' option load money from your bank account, similar how you load into Paytm wallet from your bank account.

I am not using Paytm wallet apart from paying fast tag payments but I have other UPI apps where I never had an option to load erupee in the first place neither the banks didn't send me an invitation, weird though.

Is state government have any authority to control the erupee authority?

[libert19]

There is way to get money credited to a digital ruppe wallet. You need to click on collect and write down the amount. It is similar to what we do to generate an invoice using Electrum wallet. I think libert19 might be using the same feature to make upload digital money.

No, 'collect' option is used to generate qr code to receive money. You use 'load' option load money from your bank account, similar how you load into Paytm wallet from your bank account.

I am not using Paytm wallet apart from paying fast tag payments but I have other UPI apps where I never had an option to load erupee in the first place neither the banks didn't send me an invitation, weird though.

Bruh, I'm talking about load option in eRupee app, you can load into eRupee app through these platforms. Hope this image clarifies it enough: https://www.talkimg.com/image/EdCJb

Since, icici erupee is already available publicly on play store, you may install, and give us update whether you could register or not.

[Bitcoin Smith]

Since, icici erupee is already available publicly on play store, you may install, and give us update whether you could register or not.

Thanks for the info, I didn't know the app is available on play store, so I have successfully installed it and while registering twice it said encryption error even though I did everything right but 3rd time finally registered and linked my ICICI savings account.

Loading rupee is just flawless, no error at all, but I just went with the smallest denomination possible 2 while irony is there is literally zero merchant in my entire district.

[TheUltraElite]

Loading rupee is just flawless, no error at all, but I just went with the smallest denomination possible 2 while irony is there is literally zero merchant in my entire district.

Ah, the Demand/Supply ratio. With no merchants the app is essentially useless. Since its a pilot project, this should change in the coming days. Just keep that app installed and check back with the officials to see how things progress.

I also got a notification from the Bank's app, but I did not feel like following it up.

I can see on play store the ICICI bank's app for the same is this

Has the other banks launched their apps too?

[kentrolla]

I may sound little confused but I am unable to understand how is it different than the other UPI payments which we use in our daily life? It's centralized and it would be just like making UPI transactions and payment, will cross border payment transfer without the exorbitant charges be the only difference it would make? DO we really need these when we have lot of payment methods and at the same time there are scams targeting everyone right from villages to metro cities. Wouldn't the scammers like Jamtara group find this as a new bait fill their coffer ever further? These needs to be more awareness and a clear roadmap of pros and cons.

[libert19]

Loading rupee is just flawless, no error at all, but I just went with the smallest denomination possible 2 while irony is there is literally zero merchant in my entire district.

Neither here. Once apps are stable rbi may promote it, also interoperability with upi should help with adoption.

image cut

Shouldn't it be successfully? They need rectify typos too  

Has the other banks launched their apps too?

yea, I used hdfc's erupee app. Honestly, I have no idea why each bank launches their own app.

@kentrolla I agree I'm not sure why exactly is erupee created, I read few articles trying to gauge difference between upi and erupee but nothing so far that actually make me say, this was necessary.

[Bitcoin Smith]

Loading rupee is just flawless, no error at all, but I just went with the smallest denomination possible 2 while irony is there is literally zero merchant in my entire district.

Neither here. Once apps are stable rbi may promote it, also interoperability with upi should help with adoption.

I am now thinking, people may actually use the eruppe just like UPI because UPI apps like Gpay, Phonepe started to make profits with something called platform fee for payments like recharges and purchases so now users has actually a reason to use eruppee apps to avoid that but how they are going to encourage merchants to accept is the real question.

[Bureau]

Loading rupee is just flawless, no error at all, but I just went with the smallest denomination possible 2 while irony is there is literally zero merchant in my entire district.

Neither here. Once apps are stable rbi may promote it, also interoperability with upi should help with adoption.

I am now thinking, people may actually use the eruppe just like UPI because UPI apps like Gpay, Phonepe started to make profits with something called platform fee for payments like recharges and purchases so now users has actually a reason to use eruppee apps to avoid that but how they are going to encourage merchants to accept is the real question.

Looks like you both are enjoying playing with app. It used to be my hobby once but now it is different. I still don't get to understand the reason to use it. When you have UPI and wallets why would someone use digital rupee. As of now none of the vendor accept it or I can use it for sending money to anyone. It is better to wait for it to be made accessible to everyone for regular usage.

[Bitcoin Smith]

As of now none of the vendor accept it or I can use it for sending money to anyone. It is better to wait for it to be made accessible to everyone for regular usage.

You can't find merchant which is true but that how UPI used to be when it was launched but when Google Pay formerly called TEZ came to market and changed everything now even road side pani puri bhaiya have QR code to accept UPI payments.

You can send erupee to anyone if they have erupee wallet but as I said it may take few more years and if government start promoting it then it has potential to grow.

[TheUltraElite]

You can't find merchant which is true but that how UPI used to be when it was launched but when Google Pay formerly called TEZ came to market and changed everything now even road side pani puri bhaiya have QR code to accept UPI payments.

You can send erupee to anyone if they have erupee wallet but as I said it may take few more years and if government start promoting it then it has potential to grow.

Comparing Google to Indian government? That is a way longshot comparison to make.

However I might be proven wrong and you might end up being correct. But with the UPI system being already popular, I dont see how a e-Rupee is able to take over and squish in between. Maybe its targeted at the crypto users, but do that group care? I think not. They will use UPI for fiat payments and continue using crypto.

[Bitcoin Smith]

You can't find merchant which is true but that how UPI used to be when it was launched but when Google Pay formerly called TEZ came to market and changed everything now even road side pani puri bhaiya have QR code to accept UPI payments.

You can send erupee to anyone if they have erupee wallet but as I said it may take few more years and if government start promoting it then it has potential to grow.

Comparing Google to Indian government? That is a way longshot comparison to make.

However I might be proven wrong and you might end up being correct. But with the UPI system being already popular, I dont see how a e-Rupee is able to take over and squish in between.

Not literal comparison but BHIM launched way before Google pay came into the market but it's just not promoted in the right way by the government and these tech companies saw the opportunity to fill in the void and swooped in to Indian market.

Now the situations changed and every bank has their own UPI app so does erupee app too that means bank also will encourage their users to use it.

[libert19]

You can't find merchant which is true but that how UPI used to be when it was launched but when Google Pay formerly called TEZ came to market and changed everything now even road side pani puri bhaiya have QR code to accept UPI payments.

You can send erupee to anyone if they have erupee wallet but as I said it may take few more years and if government start promoting it then it has potential to grow.

Comparing Google to Indian government? That is a way longshot comparison to make.

However I might be proven wrong and you might end up being correct. But with the UPI system being already popular, I dont see how a e-Rupee is able to take over and squish in between.

Not literal comparison but BHIM launched way before Google pay came into the market but it's just not promoted in the right way by the government and these tech companies saw the opportunity to fill in the void and swooped in to Indian market.

This. If digital rupee is given right ui/ux, promoted right way. Given offers to use, which most of Indian population is mad after, I don't see reason why it wouldn't get popular.

[pakhitheboss]

This. If digital rupee is given right ui/ux, promoted right way. Given offers to use, which most of Indian population is mad after, I don't see reason why it wouldn't get popular.

We might see another global pandemic on its way from the same country where COVID-19 started. If that happens then the government won't be required to promote digital rupee as it will get the same response as UPI did in the past. The CBDC in China has less use locally but has a lot of use for international payments and big business transactions. I think the path forward for our CBDC will be the same or if UPI does not remain free then CBDC transactions will take a big leap in our economy for sure.

[TheUltraElite]

This. If digital rupee is given right ui/ux, promoted right way. Given offers to use, which most of Indian population is mad after, I don't see reason why it wouldn't get popular.

The BHIM UI is clunky enough, but the Indian government employed devs are capable of doing much better had they been given better payments. Still I agree that with a proper UI it can go far. #PayTheDevs 

We might see another global pandemic on its way from the same country where COVID-19 started. If that happens then the government won't be required to promote digital rupee as it will get the same response as UPI did in the past. The CBDC in China has less use locally but has a lot of use for international payments and big business transactions. I think the path forward for our CBDC will be the same or if UPI does not remain free then CBDC transactions will take a big leap in our economy for sure.

Lets hope that does not happen in reality, one pandemic every century is enough to wipe out and entire nation, thanks to the development in science this one could be controlled within a couple of years.

I was not aware of CBDC in China, but if their CBDC is involved with international transactions and watching our PM be in "flight mode" resumption after the pandemic here, possible they will try to replicate the same here and are involved in talks about the same.

[Bitcoin Smith]

I was not aware of CBDC in China, but if their CBDC is involved with international transactions and watching our PM be in "flight mode" resumption after the pandemic here, possible they will try to replicate the same here and are involved in talks about the same.

China launched their CBDC in 2020 itself, and they are way different from democratic so they can implement what they want and people will be left with no other options, but India is democratic, and they need to take diplomatic approach no matter what are the changes are being implemented but if It's for good then people will welcome it.

@pakhitheboss, how exactly the CBDCs are used for international trades? They are doing trades with Russia using Yuan and I don't know which other countries are accepting yuan for cross border trades.

[pawanjain]

I have received mails for trying out Digital Rupee from multiple banks but I guess the apps are not mature enough yet.
Although they have launched the feature but the accessibility is very limited and that's fine.
While the technology is live, it will take time to reach a bigger audience just like bitcoin.
To be honest, we have to give it enough time for it to become more mature for the real world.