The Reserve Bank of India (RBI) has issued a concept note on Central Bank Digital Currency (CBDC) one of the first phases includes the State Bank of India, Simply defined, the e-rupee is the digital version of the actual currency. Now the CBDC eRupee is able to load in our eWallers along with SBI E-Wallet.
To carry and utilize digital money, customers demand an electronic wallet. This e-wallet or CBDC wallet, which is issued by banks, may be linked to your bank account to load money.
SBI e Rupee Wallet
Following the online issuance of CBDC (Central Bank Digital Currency) digital rupees, all institutions, including SBI, will establish an SBI Digital rupee wallet, An SBI Digital Rupee wallet is a digital version of your physical wallet.
The digital wallet, which is available on your Android device, will hold your digital cash in the same way that actual bank currency notes are held in the physical wallet.
How to Register for SBI e-Rupee Wallet?
- Download the eRupee App from the website of a bank that is collaborating with the RBI on the pilot run.
- For example, you may get the CBDC e-Rupee App from the website of the State Bank of India.
- Use the QR Code or follow the link to download the app.
- After downloading the app, you must allow Install from Unknown Sources, or the program will not be installed on your phone.
- Next, on your Android phone, launch the app and touch the Enter Button.
- Allow the CBDC e-Rupee App to access your phone and SMS.
- To accept the Terms & Conditions, tap the Accept button.
- Proceed through the welcome screens until you reach the Start Registration option.
- On the following page, select either SIM 1 or SIM 2 according to your preferences. Select the Verify SIM option.
- Set your app PIN by clicking Set App PIN and entering your device password.
- Fill in your name in the given space and then click Choose Wallet.
- Next, enter your PIN. In the second entry area, reconfirm your PIN. To proceed, press the “tick” option on the keypad.
- That notification Wallet Successfully Created will show after that.
- Then select View Wallet Address.
- Choose Wallet by clicking the button.
- Next, “Link Bank Account” will be selected. Continue by clicking the button
- Link your debit card and choose the account associated with that card.
- Confirm Card Details and enter your debit card’s last six numbers and expiration date.
- To proceed, click on the next button once it appears.
- Next, the message will appear Bank accounts successfully linked.
- The sign-up/registration process is complete.
- You may now begin using the CBDC SBI e-Rupee App.
How to load E-Rupee in SBI Digital Currency Wallet
- Open the e-Rupee App on your smartphone.
- To load money to your e-Rupee wallet, go to the App’s dashboard and press the Load button.
- Select the denomination and type in the amount to be added.
- Next, press the Load Digital Rupee option.
- To contribute financially, you can use fund transfers from your associated State Bank of India account or transfers from other UPI applications.
- As stated on the bank’s website, after PIN verification, the connected account will be debited.
- Next, the wallet will be immediately credited to the same denomination.
How to redeem e-Rupe from my wallet and get money back to my linked bank account?
- On the app’s main page, choose Redeem.
- Swipe up for the amount you wish to redeem to choose a denomination. Select ‘Redeem Digital Rupees‘.
- Follow the on-screen directions after selecting the associated bank account to be credited.
- Following successful PIN verification, the connected account will be credited with the same amount, and the e-wallet will be promptly deducted.
How do I Send Payments using SBI E-Rupee?
You may use the e-Rupee app to send money from person to person (P2P) or person to merchant (P2M).
- Open the e-Rupee app on your smartphone.
- On the main screen of the eRupee App, choose to Send option.
- You will be able to send and receive money simply by scanning the QR code from the app’s dashboard.
SBI E-Rupee App
- First, visit the Google Play Store or the Apple App Store on your mobile device.
- Next, in the search box, type e-Rupee Digital payment.
- Then after, you must click on the search button.
- The collection of apps will appear in front of you.
- You must select the first option.
- Following that, you must download and install it.
- Your smartphone will be downloaded with the e-Rupee digital payment mobile app.
Advantages of SBI E-Rupee.
- Simple and secure – A verification code is used to approve the voucher.
- Payment collection that is hassle-free and contactless – It is not necessary to handle cash or credit cards.
- Quick redemption procedure – Due to the pre-blocked quantity, the certificate may be redeemed in a few steps and with a lower decrease.
- There is no requirement for customers to have a digital payment app or a bank account to redeem the coupon.
- Corporations may promote their employees’ well-being.
- The end-to-end digital transaction does not require physical issuance, resulting in cost savings.
- The issuer can monitor voucher redemption.