India unveils new digital currency, Nigeria eyes e-currency launch in October 2021

India has introduced the e-RUPI, which is a cashless and contactless digital payment system to support the global shift towards digital payments.

According to Money Control, the platform was developed collaboratively by the National Payments Corporation of India (NPCI), the Indian Department of Financial Services, the Ministry of Health and Family Welfare and the National Health Authority.

e-RUPI will function in the form of an SMS string or QR-based code that can be sent straight to the recipient’s phone and will be usable at designated centers without the need for a credit or debit card, mobile banking applications and more.

Furthermore, the currency will work like a pre-loaded and prepaid voucher that can be encashed without the midway need for internet banking and debit cards. The system will also ensure that the service provider payment is only made following the transaction completion.

Both public and private sector banks will be onboarded as issuing entities under the umbrella entity of NPCI’s UPI platform.

Meanwhile, the Central Bank of Nigeria (CBN) has outlined plans to launch its own digital currency by October 1 this year.

RegTech Africa highlighted that the CBN emphasised the plans with its stakeholders during a recent private webinar. The product name will be titled Project GIANT and intends to use the Hyperledger Fabric Blockchain.

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