Live Digital eRupee P2M transaction (Select users)

[ltf4ever]

1. Regarding the point of MDR, it is possible to levy MDR in Digital Rupee too. In Ethereum/Bitcoin too, we have to pay a transaction fee to transfer funds. Cause in the end, those networks are maintained by miners. In this case, RBI is maintaining the network.

2. Regarding the 2nd point, even Bank Accounts are secured through various Cryptographic Algorithms. They are basically compromised through social engineering/human errors, which is even possible in digital rupee. Even account based transactions are reversible.

3. I agree with this point. eRupee can be useful for transferring funds between large institutions. But I don't see much use of it in consumer space. Have a look at this article explaining the progress of Digital Yuan in Chinese Consumer Space:

China's Progress Towards a Central Bank Digital Currency | New Perspectives on Asia | CSIS

While Beijing has made substantial progress over the past several years in developing a digital renminbi, it still faces many significant challenges preventing widespread use.

www.csis.org

It signifies that digital yuan is still facing difficulties in becoming popular among the general public.

for 1st point, i think they will still save money that they spend to print money, transport it, security, atm, damaged notes, etc. so should afford to keep mdr 0.

 

[mukundstud]

for 1st point, i think they will still save money that they spend to print money, transport it, security, atm, damaged notes, etc. so should afford to keep mdr 0.

Same point with UPI and other cryptocurrencies. Still, they face the cost of maintaining their network.

 

[ltf4ever]

Same point with UPI and other cryptocurrencies. Still, they face the cost of maintaining their network.

oh yes, i meant to say that the money that they will save on the operating costs of physical notes, they can use it to fund the cbdc infrastructure, to keep the mdr low or 0.

 

[CMGCMG is verified member.]

I doubt that eRupee payments will be in the denominations of Rs. 10,20,50,100 etc. as it will become a great hassle to make those payments. First, we have to pay Rs. 50 to buy a Rs. 47 product, and then take back Rs. 3 as change, while UPI will be just scan and pay. Even chinese CBDC wallet allows users to pay in decimals.

Currently it is. Super low res images. Will try to find better ones.

 

[Abhishek012]

Currently it is. Super low res images. Will try to find better ones.
View attachment 7449View attachment 7450View attachment 7451View attachment 7452

I found this images -

 

[mukundstud]

This will only increase the inconvenience of making payments digitally.🙁

Now, first, we have to select bank notes while making payments, then take back change from the shopkeeper if we no do not have the required denominations with us. Many online payments require to be paid in decimals(like EMI Payments). How will we use eRupee there?

 

[CMGCMG is verified member.]

This will only increase the inconvenience of making payments digitally.🙁

Now, first, we have to select bank notes while making payments, then take back change from the shopkeeper if we no do not have the required denominations with us.

The change will come to app/wallet without shopkeeper doing anything.

 

[mukundstud]

The change will come to app/wallet without shopkeeper doing anything.

Yo mean to say if we pay Rs. 50 to shopkeeper for a Rs. 47 product, he/she will get Rs. 47 in his/her wallet and we will get Rs. 3 in our wallet?

 

[ltf4ever]

This will only increase the inconvenience of making payments digitally.🙁

Now, first, we have to select bank notes while making payments, then take back change from the shopkeeper if we no do not have the required denominations with us. Many online payments require to be paid in decimals(like EMI Payments). How will we use eRupee there?

maybe the shopkeeper will go to other shopkeepers to get the change for 50 😅 and then return the balance to you. Or give back 3rs toffee to you 😐
jokes apart, i really think they have some solution for this, else it would be troublesome to use.

 

[CMGCMG is verified member.]

Yo mean to say if we pay Rs. 50 to shopkeeper for a Rs. 47 product, he/she will get Rs. 47 in his/her wallet and we will get Rs. 3 in our wallet?

i have no idea 🤣

 

[bugmenot]

Yo mean to say if we pay Rs. 50 to shopkeeper for a Rs. 47 product, he/she will get Rs. 47 in his/her wallet and we will get Rs. 3 in our wallet?

My wild guess is that there will be a mechanism to split ₹5 digital note into ₹1 or ₹2.

 

[Abhishek012]

Yo mean to say if we pay Rs. 50 to shopkeeper for a Rs. 47 product, he/she will get Rs. 47 in his/her wallet and we will get Rs. 3 in our wallet?

If i am not wrong then let me tell you how it will work.

Suppose, i have Rs50 digital eRupee note in my digital wallet.

Now after scan merchant QR code, we need to enter Rs47 and pay.

After paid. Rs50 digital eRupee note will deducted from my digital wallet and credited to Merchant's digital wallet

and Rs1 and Rs2 digital eRupee note will deducted from Merchant's digital wallet and refunded to my digital wallet.

That's why here showing is screenshot - "Please note Change of 25/_ will be credited back to the wallet" -



@cmg
@ltf4ever

 

[CMGCMG is verified member.]

and Rs1 and Rs2 digital eRupee note will deducted from Merchant's digital wallet and refunded to my digital wallet.

Going by this, if the merchant wallet just have the recently received 50, the wallet has now talk to rbi server to exchange 50 for change and then return it to the user.

 

[ltf4ever]

If i am not wrong then let me tell you how it will work.

Suppose, i have Rs50 digital eRupee note in my digital wallet.

Now after scan merchant QR code, we need to enter Rs47 and pay.

After paid. Rs50 digital eRupee note will deducted from my digital wallet and credited to Merchant's digital wallet

and Rs1 and Rs2 digital eRupee note will deducted from Merchant's digital wallet and refunded to my digital wallet.

That's why here showing is screenshot - "Please note Change of 25/_ will be credited back to the wallet" -

View attachment 7494

@cmg
@ltf4ever

Going by this, if the merchant wallet just have the recently received 50, the wallet has now talk to rbi server to exchange 50 for change and then return it to the user.

what if merchant's wallet doesn't have 1 and 2 notes? connecting to servers will solve this issue, but if this works without internet, then how can they contact the server?

 

[FinoGuy]

what if merchant's wallet doesn't have 1 and 2 notes? connecting to servers will solve this issue, but if this works without internet, then how can they contact the server?

Then, Govinda... Goovinddaaa.. 🤣 & back to upi

 

[mukundstud]

what if merchant's wallet doesn't have 1 and 2 notes? connecting to servers will solve this issue, but if this works without internet, then how can they contact the server?

What if the Merchant's Wallet is Empty???😂😂😂

 

[ltf4ever]

What if the Merchant's Wallet is Empty???😂😂😂

he will return the 50 note that he just received 😐

 

[Abhishek012]

Going by this, if the merchant wallet just have the recently received 50, the wallet has now talk to rbi server to exchange 50 for change and then return it to the user.

you mean to say, wallet has now talk to rbi server and RBI will deduct Rs50 digital eRupee note from Merchant's digital wallet and RBI will credit Rs1 and Rs2 digital eRupee note in my digital wallet and Rs20 + Rs20 + Rs5 + Rs2 (total Rs47) digital eRupee note to Merchant's wallet ? 🤣🤣

 

[CMGCMG is verified member.]

you mean to say, wallet has now talk to rbi server and RBI will deduct Rs50 digital eRupee note from Merchant's digital wallet and RBI will credit Rs1 and Rs2 digital eRupee note in my digital wallet and Rs20 +Rs20 + Rs5 + Rs2 (total Rs47) digital eRupee note to Merchant's wallet ? 🤣🤣

Yup 😂

 

[mukundstud]

A video emerged on YouTube describing the how to use SBI Digital Rupee Wallet App.