{"id":9654,"date":"2022-11-04T20:42:55","date_gmt":"2022-11-04T15:12:55","guid":{"rendered":"https:\/\/razorpay.com\/blog\/?p=9654"},"modified":"2025-03-05T08:48:53","modified_gmt":"2025-03-05T03:18:53","slug":"what_is_digital_rupee","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/business-banking\/what_is_digital_rupee\/","title":{"rendered":"Digital Rupee: Meaning and Importance"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d7ccf228823\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d7ccf228823\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/what_is_digital_rupee\/#The_new_pilot_launched_by_RBI_What_is_Digital_Rupee\" >The new pilot launched by RBI: What is Digital Rupee?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/what_is_digital_rupee\/#Okay_so_what_is_CBDC\" >Okay, so what is CBDC?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/what_is_digital_rupee\/#What_was_the_motivation_behind_the_launch_of_Digital_Rupee\" >What was the motivation behind the launch of Digital Rupee?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/what_is_digital_rupee\/#What_is_Crypto_Currency\" >What is Crypto Currency?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/what_is_digital_rupee\/#Digital_Rupee_Vs_CryptoCurrency\" >Digital Rupee Vs CryptoCurrency:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/what_is_digital_rupee\/#Types_of_CBDC\" >Types of CBDC:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/what_is_digital_rupee\/#How_is_CBDC_managed\" >How is CBDC managed?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/what_is_digital_rupee\/#How_is_Digital_Rupee_beneficial\" >How is Digital Rupee beneficial?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/what_is_digital_rupee\/#Will_it_replace_the_traditional_Rupee\" >Will it replace the traditional Rupee?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/what_is_digital_rupee\/#Future_Forward_Razorpay_X\" >Future Forward : Razorpay X<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/what_is_digital_rupee\/#FAQs\" >FAQs\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/what_is_digital_rupee\/#What_are_the_banks_which_are_identified_for_participation_in_digital_rupees_wholesale_pilot\" >What are the banks which are identified for participation in digital rupee\u2019s wholesale pilot?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/what_is_digital_rupee\/#What_is_Digital_Rupee\" >What is Digital Rupee?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/what_is_digital_rupee\/#What_is_CryptoCurrency\" >What is CryptoCurrency?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"The_new_pilot_launched_by_RBI_What_is_Digital_Rupee\"><\/span><span style=\"font-weight: 400;\">The new pilot launched by RBI: What is Digital Rupee?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Money has gone through progressive evolution from commodity to metallic currency to paper currency to digital currency, the impact of which has been prominent in the monetary landscape of India.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">RBI and the Indian government have been very supportive of <a href=\"https:\/\/razorpay.com\/learn\/digital-payments-india-definition-methods-importance\/\">digital payments<\/a> \u2013 with the launch of BHIM, UPI, and the implementation of these digital <a href=\"https:\/\/razorpay.com\/payment-gateway\/\">payment gateway platforms<\/a> in practically every single retail space.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And today, we meet the digital token of the nation as acknowledged by RBI.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Digital Rupee or CBDC is the RBI&#8217;s newest foray into a digital form of physical note currency. It was issued by the Reserve Bank of India on November\u00a0 1st 2022. The electronic form of this currency has the potential to pave the way to a cashless economy.<\/span><\/p>\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528ff0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/?r=blog_cta_business_banking_what_is_digital_rupee&amp;utm_source=blog&amp;utm_medium=cta\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Explore RazorpayX!<\/a><\/div>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Okay_so_what_is_CBDC\"><\/span><span style=\"font-weight: 400;\">Okay, so what is CBDC?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Central Bank Digital Currency (CBDC) as defined by RBI is the digital form of legal tender. To put it simply-<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">CBDC is sovereign currency issued and regulated by the Central Banks in alignment with their financial policy.\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">This is the digital form of physical currency which is designed to further reduce dependency on the note currency. It is easily convertible against commercial bank money and cash.<\/span><\/p>\n<p><strong>Read More<\/strong>: <a href=\"https:\/\/rbi.org.in\/Scripts\/PublicationReportDetails.aspx?UrlPage=&amp;ID=1218\" target=\"_blank\" rel=\"noopener nofollow\" data-schema-attribute=\"\">Concept Note on CBDC<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_was_the_motivation_behind_the_launch_of_Digital_Rupee\"><\/span><span style=\"font-weight: 400;\">What was the motivation behind the launch of Digital Rupee?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The rapid burgeoning of cryptocurrencies lately has been a challenge to the financial stability of the country. RBI has highlighted multiple times about the negative consequences of these digital assets on the macroeconomic stability of the country.\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u00a0According to <a href=\"https:\/\/rbidocs.rbi.org.in\/rdocs\/PublicationReport\/Pdfs\/CONCEPTNOTEACB531172E0B4DFC9A6E506C2C24FFB6.PDF\" rel=\"nofollow noopener\" target=\"_blank\">RBI Reports<\/a>, the total expenditure estimated on security printing during April 1, 2021 to March 31, 2022 was \u20b94,984.80 crore as against \u20b94,012.10 crore in the previous year (July 1, 2020 to March 31, 2021).\u00a0<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">With the introduction of digital currency the cost of printing and dependency on physical currency will eventually reduce.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As we have seen that digital payments have grown at an average rate of 55% over the last five years in India and so the appetite for a cashless economy has been increasing. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A need for a risk-free centrally acknowledged digital currency was felt. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Enter <a href=\"https:\/\/razorpay.com\/blog\/the-e-rupee-and-what-it-means\/\">e-Rupee<\/a>.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Crypto_Currency\"><\/span><span style=\"font-weight: 400;\">What is Crypto Currency?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">CryptoCurrency is a digital, encrypted and decentralized medium of exchange. There are no banks involved to monitor or regulate the financial operations or transactions. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">All transactions are recorded in a public ledger and stored in a <a href=\"https:\/\/razorpay.com\/blog\/digital-wallet\/\">digital wallet<\/a>. They do not exist as physical note currency but exist on the internet. We can <\/span><span style=\"font-weight: 400;\">consider them virtual tokens, the value of which is decided by market forces created by those seeking to purchase or sell them.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Users can also purchase these currencies from brokers, which they can then store and spend using encrypted wallets.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Digital_Rupee_Vs_CryptoCurrency\"><\/span><span style=\"font-weight: 400;\">Digital Rupee Vs CryptoCurrency:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Let\u2019s read it as a layman.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Decentralized Cryptocurrencies, like Bitcoin and Dogecoin involve transactions that are verified without being monitored by any central authority.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, CBDCs are entirely centralized. The transactions are regulated and monitored by the central bank with the help of other third party organizations.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Types_of_CBDC\"><\/span><span style=\"font-weight: 400;\">Types of CBDC:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">While this electronic form of money imbibes all possible features of physical currency, it is primarily of two types:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u00a0<strong>Retail (CBDC-R):<\/strong> Retail CBDC would be potentially available for use by all individuals<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Wholesale (CBDC-W): <\/strong>Wholesale CBDC promotes restricted access to select financial institutions<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How_is_CBDC_managed\"><\/span><span style=\"font-weight: 400;\">How is CBDC managed?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are two models for the management of CBDCs:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Direct model (Single Tier model) &#8211; Herein Central bank is responsible for managing everything about the CBDC system<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u00a0Indirect model (Two-Tier model)- CBDC is issued to the customers by the central bank through banks and other intermediaries<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How_is_Digital_Rupee_beneficial\"><\/span><span style=\"font-weight: 400;\">How is Digital Rupee beneficial?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">With the introduction of digital rupee, the cost of operations and transactions will face reduce. Instead of a decentralized and risky private currency,\u00a0 which had been posing a threat to the economic stability of the nation, we now have a risk-free, centrally approved digital currency which bears all the features of physical currency. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This paves way towards a more secure and cash-less\u00a0 digital transaction. This has the potential to push our economy to enhance digitalisation\u00a0 of the financial economy. <\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Will_it_replace_the_traditional_Rupee\"><\/span><span style=\"font-weight: 400;\">Will it replace the traditional Rupee?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The Answer is No. e-Rupee will be added as an additional legal currency in circulation. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Digital Rupee does not need a bank intermediary for <a href=\"https:\/\/razorpay.com\/learn\/what-is-online-transaction\/\">online transactions<\/a> and will rely on blockchain technology with RBI being the guarantor.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Future_Forward_Razorpay_X\"><\/span><span style=\"font-weight: 400;\">Future Forward : Razorpay X<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">While we all enjoy those panipuris, even more, when we scan the QR code and transact digitally.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But today we have our digital token. Evolutionary change!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Digital transactions are taking over our country and with it comes smarter financial platforms.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Smart payouts, seamless Vendor payments, automated payroll and many more such features have been taking the Fintech space by storm.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">RazorpayX is a full-stack banking suite that supercharges the current accounts<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">which Provides end-to-end automation with powerful features <\/span>like Automated Accounting, OTP management, Maker-Checker Flows,<\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/razorpay.com\/x\/corporate-cards\/\">Corporate Cards<\/a> with 20X higher limits<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Automated <a href=\"https:\/\/razorpay.com\/x\/vendor-payments\/\">Vendor Payments<\/a><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/razorpay.com\/payroll\/\">Payroll<\/a> &#8211; India\u2019s ONLY payroll with Full compliance automation, Employee Insurance management and TDS filing)<\/span><\/li>\n<\/ul>\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528ff0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/x.razorpay.com\/auth\/signup\/?r=blog_cta_business_banking_digital_rupee_meaning&amp;utm_source=blog&amp;utm_medium=cta\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Take me there<\/a><\/div>\n<p><span style=\"font-weight: 400;\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><span style=\"font-weight: 400;\">FAQs\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div id=\"rank-math-rich-snippet-wrapper\"><div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-1\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"What_are_the_banks_which_are_identified_for_participation_in_digital_rupees_wholesale_pilot\"><\/span>What are the banks which are identified for participation in digital rupee\u2019s wholesale pilot?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>The nine banks are State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC, the RBI said in a release.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-2\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"What_is_Digital_Rupee\"><\/span>What is Digital Rupee?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>The Digital Rupee or CBDC is a digital form of physical note currency that was issued by the Reserve bank of India on Nov 1st 2022.\u00a0<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-3\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"What_is_CryptoCurrency\"><\/span>What is CryptoCurrency?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Cryptocurrency is a digital, encrypted and decentralised medium of exchange where there are no banks involved to monitor or regulate the operations or transactions.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The new pilot launched by RBI: What is Digital Rupee? Money has gone through progressive evolution from commodity to metallic currency to paper currency to digital currency, the impact of which has been prominent in the monetary landscape of India. RBI and the Indian government have been very supportive of digital payments \u2013 with the<\/p>\n","protected":false},"author":102,"featured_media":9688,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[27],"tags":[348,347],"class_list":{"0":"post-9654","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business-banking","8":"tag-cbdc","9":"tag-digital-rupee"},"_links":{"self":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/9654","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/users\/102"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/comments?post=9654"}],"version-history":[{"count":5,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/9654\/revisions"}],"predecessor-version":[{"id":21208,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/9654\/revisions\/21208"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media\/9688"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media?parent=9654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/categories?post=9654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/tags?post=9654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}