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RBI : Pay with digital currency from your phone

by TLAteam November 1, 2022November 1, 2022
written by TLAteam November 1, 2022November 1, 2022
RBI : Pay with digital currency from your phone

There is no longer any need to carry physical cash in your wallet. Pay with digital currency from your phone; no internet or bank account is required.

Digital currency can be exchanged for physical currency without incurring any fees. Unlike cryptocurrency, digital currency is safe because it is regulated by the Reserve Bank of India (RBI).

Once the digital currency becomes fully accessible, you can carry most of the financial transactions with just one click on phone that you carry in the palm of your hand. No need to count cash any longer. While you can touch and count physical currency notes, e-currency notes are intangible and can be transacted with a simple touch on your phone. Needless to say, e-rupee is going to change the life of common man forever.

Digital rupee is largely like a technological twin of physical rupee. Just like in the case of physical currency notes, the RBI retains full control on printing, release and distribution of digital currency as well. So, consumers need not have any doubts about its authenticity. Similar to physical currency notes and coins, digital currency also belongs to the one who carries it – bearer.

When you purchase an item for Rs 599, digital currency to that amount can be transferred to the seller in one click or touch. But in physical format, you have to count notes of different denominations and give change as well. At the same time, digital currency payments are different from the already available digital app payments. There will be no need for bank account or internet for digital currency transactions.

Another advantage is digital and physical currency are mutually interchangeable without any charges. Digital currency transactions are faster than the physical currency payments. Unlike in the case of cryptocurrency or bitcoin, there will be total regulatory control of the RBI on digital currency and it is risk-free. There is no security for transactions in cryptocurrency.

Digital currency will come in two formats. One is non-account based, does not require a bank account for transactions between individuals and firms. Another is account-based currency transactions between financial institutions. In the first phase, digital currency is restricted for only a few transactions availed by consumers.

Digital currency saves the government thousands of crores that are currently spent on printing and distributing physical notes and coins. E-currency will also increase transparency, thereby eliminating the threat of black money. Transactions can be conducted across the country without the use of the internet or power. Counterfeit currency can be avoided, and financial transactions between countries can be expanded.

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