What's The Difference Between UPI & CBDC? RBI Governor Shaktikanta Das Explains

Reserve Bank of India (RBI) governor Shaktikanta Das clarified the key differences between the Central Bank Digital Currency (CBDC) and Unified Payments Interface (UPI), saying e-rupee transactions will not have any intermediary, unlike UPI transactions. Watch him explain the difference between the two in simple terms!

#digitalcurrency #cbdc #upi

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[SamJosephGodManJ]

The money transfer/ payment happens instantly both in UPI and CBDC.
The amount that we have in the bank account (which linked with UPI) earns interest but the amount which we keep as CBDC doesn't earn any interest.

[mandalorian]

Same like wallet service provided by PAYTM.

[harisadu]

Okay, very good. Now explain what the difference is between this and all the wallet services like Paytm etc.

[unfiltered-]

How is it any different from the wallets already available 💁🏻

[purnimachaudhari]

I expect "money control" to send all messages to The Governor.

[SoSkkk]

What is the uniqueness in this..
At the end you have to fill your wallet through your bank also...

[katta_musings]

If everyone adapts to cdbc, how would it effect repo and revese repo in long term

[purnimachaudhari]

Why shopkeepers are not opening CBDC accounts, Sir?

[purnimachaudhari]

Biggest problem with CBDC is neither UPI not banks are interested in filling CBDC wallet even SBI.... It takes months to resolve the problem if it fails . RBI must arrange for crediting wallet by some other way and that too immediately otherwise users will stop using it as I have lost money three times. even complaint lodged on eSBI app. SBI manager told me that if money is not credited in our account no loading eSBI app. But loading via UPI is direct and without knowing bank. It is responsibility of RBI to control this mischief.

[GetYourselfALife]

What is the benefit for the common people like us if we use this? Does the money in the wallet earns interest like banks?

[yosangle]

Going against my superior judgement, i would like to ask mr das a question. Which of the following policy he considers more practically advantages to our economy, either cutting the repo or neutral repo.
Even a mouth breather with a smidget of intelligence would have proceeded with a policy which would lead instead of being a tiny spec our industry are.

But you please continue with what you believe is an exemplary policy,

IGNORANCE IS TRULY A BLISS!

[rajibdeka]

UPI is the best. RBI just creating a complex system with CBDC. No need of it.👍

[katta_musings]

why would someone go for CBDC, if it is not giving any interest.

[sridharkrishnamurthy]

If we lost mobile phone, what will happen to CBDC money.?. Will this create more theft to mobile phone?

[piusgeorge]

If serial number of 💵cash note is in process.It's best.

[ayushsinghkatiyar]

the problem is when liquidity I means the amount of cash u have in hand is 0 and every thing is digital, dont u think banks will have the power over Our earned money .They can put limit to it like expiry date upto which ur cash will be there after which, it will get expired and u have no money .They can literally call recession, control what u eat, decide where u eat, where can u spend that money .I mean no offence but the thing of putting everything in digital form , who will administer it .Everyone knows that govt is more influenced by MNC .CBDC is an american concept, they digitalise it, have control over the money in the whole world and then regulate our lives .

[purnimachaudhari]

I loaded ₹1 eSBI account got loaded. Within no time I loaded ₹8000, money got deducted but eSBI did not loaded. Money vanished. SBI manager told me it it is not bank but only RBI knows what happened to my money What to I fell for Governor.. My foolishness.

[rohitsoni]

Come on, no bank, the central bank is in middle 😅

[rajatbhat]

so to make it simple - UPI is like keeping money in the bank, with interest being earned. using this - will require internet. and big payments can be done . the middleman is phonepe etc

CBDC e-rupee is like - keeping money in your backpocket/wallet - depends on how big your wallet is, and how big your trousers are. and doesnt require internet. Also, since money thats kept in wallet doesnt earn interest - cbdc will also not earn interest. the middleman is your trousers

[santoshraicabs]

dekh raha hai binod, kaise english bol ke note bandi kiya jaa raha hai