Union Bank digital rupee wallet

As you know that RBI will launch digital rupees online and Union bank will launch a separate Union bank Digital rupee wallet because it will be India’s first digital currency that will be issued by the official sources.

Union 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, Union can reduce the ATMs, branches & ICMC process. Which will save money also.

What is Union Bank Digital Rupee wallet?

After issuing the CBDC digital rupees online, all the institutions like Union will launch a Union 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 Union bank’s digital wallet will work?

Union Digital Rupees wallet will have a unique crypto address, which you will share with others to received digital rupees online. Only the central bank or CBDC will have the entire transaction information. It will be fast, secure with a global reach.

Is Union bank digital rupee wallet safe?

All transactions by Union digital wallet will be safe and secure but if your mobile phone will be hacked or you will share your Union digital rupee wallet secret key with others. Your balance may be “0” within a minute.

Are there any transaction charges on Union bank digital rupee wallet?

Right now, several wallet companies are charging some transaction charges on crypto transection, which is commission or slippage. Yes, Union can change yearly digital wallet charges or transaction charges, or merchant fees.

How to register in Union bank Digital Crypto wallet

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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.

After the 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 is really a revolutionary product for RBI & govt of India because RBI is spending lakhs 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, Union is spending lots of crore in sorting, feeding ATMs and cash transactions. They will also save money.