The world is rapidly changing, and digital currencies like the digital rupee are becoming increasingly popular. With the ease of buying and selling, digital rupee offers a secure and convenient way to make purchases online or in-store. This guide will provide you with a step-by-step explanation of how to buy and use the digital rupee. After reading this guide, you should have a better understanding of how to use digital rupee and be confident in your ability to make secure purchases.

How to Buy Digital Rupee?

Digital rupee is legal tender and will be issued in the same denominations as paper currency and coins. In pilot program, 4 banks have participated – State Bank of India, ICICI Bank, IDFC First Bank and Yes Bank. 4 more banks will join in the next phase.
Currently, the testing is being carried out in 4 cities – Mumbai, New Delhi, Bengaluru, and Bhubaneshwar. The 4 banks have launched their app for digital rupee. You will either use app or banks’ official websites to buy digital rupee. You can get e-rupee from these banks even if you don’t have an account with these banks. When bank disburses e-rupee, your e-wallet will get credited. They will be able to make payments using QR codes displayed at merchant’s locations. The money will be deducted from users’ e-wallet. People can use digital rupee for person-to-person (P2P) transactions or person-to-merchant (P2M) transactions. As per RBI’s instructions to banks, transactions lower than Rs.50,000 won’t be recorded.

Digital rupee is just like cash, but in virtual form, so it easily transferable with your friends or family. But, the transfer must be processed by the participating banks.

Is Digital rupee safe?
Yes, there could be some issues in using digital currency in the initial phases. However, RBI has said that it will use the pilot program to learn, and based on the learning, it will offer various features and applications to use digital currency in the future.