The e-rupee is a digital currency issued by the Reserve Bank of India (RBI). It is a legal tender, which means that it has the same value as physical cash. The e-rupee can be used to make person-to-person (P2P) and person-to-merchant (P2M) transactions.
To use the e-rupee, you will need to create a digital wallet. This can be done through your bank or through a third-party provider. Once you have created a digital wallet, you can load it with e-rupees. You can do this by transferring money from your bank account to your digital wallet, or by buying e-rupees from a participating merchant.
Once you have loaded your digital wallet with e-rupees, you can use it to make transactions. To make a P2P transaction, you will need to scan the QR code of the person you are sending money to. To make a P2M transaction, you will need to scan the QR code of the merchant you are making a purchase from.
The e-rupee is a secure and convenient way to make payments. It is also a more environmentally friendly option than using physical cash.
Here are the steps on how to use the Indian digital currency e-rupee:
- Create a digital wallet.
- Load your digital wallet with e-rupees.
- Make a P2P or P2M transaction.
Here are some of the benefits of using the e-rupee:
- It is a legal tender, which means that it has the same value as physical cash.
- It is a secure and convenient way to make payments.
- It is a more environmentally friendly option than using physical cash.
Here are some of the limitations of using the e-rupee:
- It is still in the pilot phase, so it is not yet widely available.
- The adoption of the e-rupee will depend on the willingness of merchants and consumers to use it.
Overall, the e-rupee is a promising new digital currency that has the potential to revolutionize the way we make payments. It is secure, convenient, and environmentally friendly. However, it is still in the early stages of development, so it will be interesting to see how it is adopted by merchants and consumers in the future.