What Does RBI’s ‘Wallet On The Go’ Mean for e-Rupee Payments Without UPI IDs?
About the RBI’s e-Rupee Vision
The Reserve Bank of India (RBI) continues to enhance its Central Bank Digital Currency (CBDC) initiative — the e-rupee — with a focus on ease of use and accessibility. Recent discussions suggest the regulator could enable e-rupee transfers directly to phone numbers even when recipients do not have a registered UPI ID or dedicated CBDC wallet.
If implemented, this change could mark a major step in digital inclusion. Today, e-rupee transactions are limited to users with CBDC wallets provided by select banks such as HDFC, ICICI, and SBI. These wallets currently allow transfers via QR codes, phone numbers, or UPI-linked identities, provided both sender and receiver are onboarded on the platform.
How ‘Wallet On The Go’ Could Work
The proposed system may allow users to initiate payments to mobile numbers directly from the e-rupee app, even if the receiver is not yet part of the CBDC pilot. The recipient could receive an SMS notification and a link to claim funds by verifying their identity or linking a bank account later.
While this feature is still under consideration, the RBI’s broader goal is clear: to make digital currency usable across devices, platforms, and demographics. It aligns with India’s Digital Public Infrastructure (DPI) framework, promoting inclusion, transparency, and transaction efficiency.
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Key Advantages and Policy Implications
However, the proposal must address data security, interoperability, and fraud prevention. Without adequate safeguards, linking e-rupee transactions to just phone numbers could expose users to phishing or identity theft.
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Comparing Digital Frameworks
Here’s how the proposed ‘Wallet On The Go’ feature differs from existing UPI and e-rupee systems:
| Feature | UPI | CBDC (e₹) | Wallet On The Go (Proposed) |
|---|---|---|---|
| Primary ID | UPI ID or phone number | CBDC wallet | Phone number (no wallet needed) |
| Settlement Type | Bank account linked | Token-based digital currency | Direct token assignment post-verification |
| Offline Capability | Limited | Under testing | Expected via NFC/SMS |
| Security Oversight | NPCI + Banks | RBI | RBI (direct digital oversight) |
Investor Takeaway
The RBI’s ‘Wallet On The Go’ proposal, if introduced, could make India the first major economy to enable phone-based digital currency transfers without requiring wallet registration. While it promises wider financial inclusion, security architecture and regulatory coordination will be key to its success.
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SEBI Disclaimer: The information provided in this post is for informational purposes only and should not be construed as investment advice. Readers must perform their own due diligence and consult a registered investment advisor before making any investment decisions. The views expressed are general in nature and may not suit individual investment objectives or financial situations.
Related Queries
- Why is the e-rupee crucial to India’s CBDC future?
- What are the security risks of walletless e-rupee transfers?
