As you know that RBI will launch digital rupees online and IDFC First Bank will launch a separate IDFC Digital Rupees wallet because it will be India’s first digital currency that will be issued by official sources.
IDFC First Bank knows the importance of the Digital world and blockchain and they will never miss this opportunity to encash. They know that digital rupees will help them to reduce the branch load and cash process, which is a liability & they are spending too much money on it.
Because of digital mudra, IDFC First Bank can reduce the ATMs, branches & ICMC process. Which will save money also.
What is the IDFC Digital Rupee wallet?
After issuing the CBDC digital rupees online, all the institutions like IDFC First Bank will launch an IDFC First Bank Digital rupee wallet which will hold your all-crypto rupees like a traditional wallet. Crypto rupees will be digital virtual rupees and they will be treated as legal tender in India.
How the IDFC digital rupees wallet will work?
IDFC Digital Rupees wallet will have a unique crypto address, which you will share with others to receive digital rupees online. Only the central bank or CBDC will have the entire transaction information. It will be fast and secure with a global reach.
Is IDFC digital rupees wallet safe?
All transactions by IDFC First Bank digital wallet will be safe and secure but if your mobile phone will be hacked or you will share your IDFC First Bank digital rupee wallet secret key with others. Your balance may “0” within a minute.
Are there any transaction charges on IDFC First Bank’s digital rupee wallet?
Right now, several wallet companies are charging some transaction charges on crypto transactions, which is commission or slippage. Yes, IDFC First Bank can change yearly digital wallet charges or transaction charges, or merchant fees.
How to register in IDFC DIgital rupees wallet (Crypto)?
RBI digital rupee is a new concept and right now all the financial institutions are understanding the process. As per the standard crypto wallet process. You have to download the RBI or bank’s digital rupees wallet from Google Play or the Apple store.
IDFC First Bank Crypto wallet sign-up process.
After downloading, you have to enter a few basic details like KYC, email, mobile number, and secret key. After entering all data, the application will send one email to your account along with OTP on mobile.
Once you will enter both OTP (Email and Mobile). You will register as a user in your wallet. Now enter your bank account/UPI details for transactions.
Digital rupees are really a revolutionary product for RBI & govt of India because RBI is spending lakhs of crore rupees to print, mint and circulation. On average Reserve bank of India is paying up to rs 20 rupees for 100 to 2000 rupees per note for printing.
Apart from the RBI, IDFC First Bank is spending lots of crore in sorting, feeding ATMs and cash transactions. They will also save money.
Now IDFC First Bank has launched the IDFC CBDC Digital Rupee Wallet, which you can directly download from here.
What are wholesale CBDC digital rupees?
Wholesale CBDC stands for financial institutions carrying reserve deposits with a central bank. It helps in facilitating the improvement in payments and securities settlement efficiency. Moreover, these wholesale CBDCs help towards reducing the risks associated with counterparty credit and liquidity.
According to experts, the wholesale CBDC is something like what the RBI gives to the bank.
What are retail CBDC digital rupees?
On the other hand, the retail CBDC can be summarised as one of the currencies which has been issued to the general public. It is based on DLT, i.e., distributed ledger technology and has anonymity and traceability as its features. Moreover, these retail CBDCs are available round the clock and all year through, along with the feasibility of an interest rate application.
Generally speaking, a currency is always issued at a wholesale level by the Reserve Bank, which then makes its way to retail hands through designated institutions, unless and until we are talking about a form of DBT (direct benefit transfer).
Wholesale CBDC digital rupees vs Retail CBDC digital rupees
Retail CBDCs are quite popular among central banks in emerging economies as they offer motivation to take the lead in the rapidly emerging fintech industry and reduce cash printing and handling costs, thus paving the way towards a cashless society.
Though both Wholesale CBDC and Retail CBDC are digital currencies issued by the central bank, one witnesses a variety of use cases in the case of wholesale CBDCs as the latter is used in the interbank system to effect a cross-border payment.
To conclude, one can say that CBDCs may be the next big addition to the financial infrastructure as they are capable of ensuring cost-effective global payments. Moreover, users can also get the advantages of security and speed for their transactions. Where this new and innovative development steers the nations across the globe only time can tell.
Step-by-Step Guide: Register for IDFC digital rupees wallet (Digital Currency)
How to register for CBDC?
If you are an IDFC FIRST Bank customer selected for the CBDC pilot project, the bank will send you an SMS on your registered mobile number or email on your registered email address, which will include a link to the e₹ (Digital Rupee) app.
Click on the link to download, and follow the step-by-step guide below to complete the sign-up/ registration process:
- Click on start registration after reading and accepting the Terms & Conditions
- Verify the SIM card for the registered mobile number
- Click on Set App PIN and authenticate with your device password (PIN, Face Unlock, or Fingerprint)
- Enter your name in the field provided and click on Choose Wallet
- Enter your PIN in the first input field. Confirm your PIN in the second input field. Click on the “tick” button on Numpad to proceed
- Wallet Successfully Created” will be displayed on your screen
- Next, click on View Wallet Address, select Wallet, and then select “Link IDFC FIRST Bank Account”
- Click on Continue to allow the app to fetch existing IDFC FIRST Bank accounts linked to the registered mobile number
- Select the account you would like to connect with the wallet
- Enter the last 6 digits and the expiry date of your Debit Card
- A “Bank Account Linked Successfully” message will appear, indicating that the sign-up/registration process is complete
- You can now use e₹ (Digital Rupee) and enjoy CBDC’s benefits
- To deregister from the digital wallet, follow the below-mentioned steps:
- Open the digital wallet and click on “Settings”
- Choose “Deregister Wallet”
- You will receive a PIN to verify the same
- Once the PIN is entered and submitted, your wallet will be deregistered
- Do note, you will be prompted to unload any unspent balance in the wallet before deregistering after wallet PIN verification.
Once launched for the wider public, CBDC will complement physical currency notes and offer another mode of digital payment. Backed by the central bank, the CBDC in India will not only be safe but will also be instrumental in bolstering India’s economy and improving financial inclusion. Its other benefits for users and the government includes faster payments, decreased money management cost, better cross-border transactions, etc., and it will also help the nation achieve a cashless economy.
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