{"id":9699,"date":"2022-11-07T11:44:29","date_gmt":"2022-11-07T06:14:29","guid":{"rendered":"https:\/\/razorpay.com\/blog\/?p=9699"},"modified":"2025-05-28T07:32:54","modified_gmt":"2025-05-28T02:02:54","slug":"impact-of-digital-rupee","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/business-banking\/impact-of-digital-rupee\/","title":{"rendered":"Digital Rupee &#8211; Effect, Impact and Implications"},"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-69d7b92cbe60c\" 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-69d7b92cbe60c\"  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\/impact-of-digital-rupee\/#Understanding_the_Impact_of_the_Digital_Rupee\" >Understanding the Impact of the 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\/impact-of-digital-rupee\/#Impact_of_the_Digital_Rupee_on_the_Indian_economy\" >Impact of the Digital Rupee on the Indian economy<\/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\/impact-of-digital-rupee\/#Impact_of_the_Digital_Rupee_on_Indian_businesses\" >Impact of the Digital Rupee on Indian businesses<\/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\/impact-of-digital-rupee\/#Impact_of_the_Digital_Rupee_on_individuals\" >Impact of the Digital Rupee on individuals<\/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\/impact-of-digital-rupee\/#Conclusion\" >Conclusion<\/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\/impact-of-digital-rupee\/#FAQs\" >FAQs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/impact-of-digital-rupee\/#Why_was_Digital_Rupee_introduced\" >Why was Digital Rupee introduced?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/impact-of-digital-rupee\/#Will_Digital_Rupee_replace_physical_cash\" >Will Digital Rupee replace physical cash?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/impact-of-digital-rupee\/#Will_Digital_Rupee_benefit_the_economy\" >Will Digital Rupee benefit the economy?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/impact-of-digital-rupee\/#Will_Digital_Rupee_benefit_businesses\" >Will Digital Rupee benefit businesses?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Understanding_the_Impact_of_the_Digital_Rupee\"><\/span>Understanding the Impact of the Digital Rupee<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">This year, the RBI spent <\/span><span style=\"font-weight: 400;\">\u20b94,984 crores on printing money &#8211; not including the environmental costs of printing, storing, and transporting the physical cash.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Crazy?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The RBI agrees. Earlier this year, when finance minister Nirmala Sitharaman presented the budget for the year, we were introduced to the concept of the Digital Rupee or the e\u20b9.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">She said &#8211; \u201c<\/span><span style=\"font-weight: 400;\">Introduction of Central Bank Digital Currency (CBDC) will give a big boost to the digital economy.<\/span><span style=\"font-weight: 400;\">\u201d and that the RBI planned on introducing it to the public this year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the 1st of November, the pilot of the Digital Rupee was officially introduced to the world. Nine Indian banks were selected to take part in this pilot.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since the Digital Rupee has not yet been officially released for public use, the impact of this digital currency is, at this stage, entirely speculative in nature.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this blog, we will think about the <\/span><i><span style=\"font-weight: 400;\">potential <\/span><\/i><span style=\"font-weight: 400;\">implications of the digital Rupee on individuals, businesses, and the Indian economy as a whole.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re looking for a basic understanding of the mechanisms and use of the digital Rupee, <\/span><a href=\"https:\/\/razorpay.com\/blog\/what_is_digital_rupee\/\"><b>click here <\/b><\/a><span style=\"font-weight: 400;\">for the first part of this blog series.\u00a0<\/span><\/p>\n<p>&nbsp;<\/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_impact_of_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=\"Impact_of_the_Digital_Rupee_on_the_Indian_economy\"><\/span><b>Impact of the Digital Rupee on the Indian economy<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Cryptocurrency in India has always been very strictly regulated, if not banned completely. The RBI has always remained firmly against the use of \u201cprivate virtual currencies\u201d like Bitcoin or Ethereum.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The reason for this is simple: cryptocurrency cannot be regulated.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The RBI cannot control how much Bitcoin is being sent from whom to where \u2013 this leaves room for shadow economies and illegal back-market transactions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But cryptocurrency has undeniable benefits over physical cash \u2013 benefits that the RBI wants to make the most of, especially in today\u2019s economy, where digital payments are becoming more popular.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The introduction of digital currency into the economy brings all the benefits of cryptocurrency while also maintaining the safety net of regulated, legal tender.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The RBI intends for the digital rupee to be as <\/span><i><span style=\"font-weight: 400;\">non-disruptive<\/span><\/i><span style=\"font-weight: 400;\"> as possible. It is meant to <\/span><b>supplement existing physical cash<\/b><span style=\"font-weight: 400;\"> and not replace it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The aim is that digital currency would, hopefully, reduce dependence on physical cash. The economy as a whole would gravitate toward digital payments and currency \u2013 resulting in <\/span><b>reduced costs of printing, storage, and transportation of physical cash<\/b><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Using digital currency also requires financial and technological knowledge. While we are getting better with technology \u2013 digital payments rose 55% in the last five years\u2026 there is a lot of space for improvement.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Access to the internet and financial knowledge is lacking in India, but the implementation of the digital Rupee is <\/span><b>good motivation for people to start learning <\/b><span style=\"font-weight: 400;\">about cryptocurrency, financial management, and the internet.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Impact_of_the_Digital_Rupee_on_Indian_businesses\"><\/span><b>Impact of the Digital Rupee on Indian businesses<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">e\u20b9 is currently in its pilot stage. 9 Indian banks have been chosen to participate in this pilot project. The intent is to use e\u20b9 in settling inter-bank transactions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The retail segment of the e\u20b9 is set to be launched next month, and this<strong> retail segment will be of interest to businesses<\/strong>. The retail e\u20b9 will roll out in select locations, to select merchants and customers, since it is still a pilot.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most (if not all) business transactions happen online. India saw 20.57 <a href=\"https:\/\/razorpay.com\/learn\/what-is-online-transaction\/\">online transactions<\/a> in just the second quarter of this year (April-June). This growth led payments giant Visa to see potential in the B2B space by exploring long-term partnerships with fintech in India.\u00a0<\/span><\/p>\n<p>There are many reasons why businesses prefer transacting digitally over using cash. <span style=\"font-weight: 400;\">The risk of cash transactions to businesses includes:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cash being torn or damaged<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cash being stolen<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Susceptibility of errors in accounting<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Prone to fraud and money laundering<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These risks are negated with the introduction of the Digital Rupee.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Digital currencies<strong> cannot be torn or damaged<\/strong>, since they exist online.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cryptocurrencies are the most secure forms of payment in the world \u2013 hacking into a blockchain network requires quantum computing, and the RBI has ensured protection against even that. Even if digital currency is stolen, it is possible to trace and identify the hack.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since cash moves from one party to another so many times, keeping track of its movement has to be done manually. Even if a business uses digital accounting software, the entry has to be done manually. With manual entry comes errors, and errors in accounting can cause serious financial issues to the business.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Digital payments do away with this risk since all records are maintained automatically. Fintech solutions like RazorpayX even have <strong>integrations with accounting software<\/strong> like Tally and Zohobooks \u2013 as you make transactions for your business, whether it is payroll, vendor payments, or even payouts, it gets recorded automatically in your books of accounts! This same system would work seamlessly for the digital Rupee.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the same reason, the possibility of fraud and money laundering is also close to zero with the digital Rupee.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Digital currencies also <strong>reduce settlement risk to nearly zero<\/strong>. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Settlement risk is the risk that arises when payments are not exchanged simultaneously. With digital currency, transactions happen practically in real-time, even when they are done online.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another bright silver lining for businesses with the introduction of the Digital Rupee is the <strong>potential for innovation<\/strong>.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Currently, the RBI plans on introducing e\u20b9 using the indirect route.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <a href=\"https:\/\/razorpay.com\/learn\/what-is-liability-in-accounting\/\">liability<\/a> for the currency will lie with the central bank, but the <strong>distribution for retail purposes will be undertaken by private parties<\/strong>. Just as BHIM infrastructure led to the rise of various platforms like PhonePe, Google Pay, and others, the e\u20b9 is bound to bring the same kind of innovation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Under this indirect route, people will hold their digital Rupees in a <a href=\"https:\/\/razorpay.com\/blog\/digital-wallet\/\">digital wallet<\/a> which would look something like a PayTM wallet. Similar to banks holding people\u2019s physical cash reserves, these digital wallets would hold digital cash reserves and would be liable for the maintenance and provision of this digital currency.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The adoption of e\u20b9 across the retail space is expected to be smooth. Businesses will have to innovate and prepare themselves to adopt the Digital Rupee, meaning you can expect to see an \u201ce\u20b9\u201d option next to the UPI option on your regular payment gateway, such as <a href=\"https:\/\/razorpay.com\/payment-gateway\/\">Razorpay &#8211; the <span data-sheets-root=\"1\">best payment gateway in India<\/span><\/a>.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Impact_of_the_Digital_Rupee_on_individuals\"><\/span><b>Impact of the Digital Rupee on individuals<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Since the RBI intends for the Digital Rupee to be a non-disruptive introduction to the existing financial ecosystem, the impact on the individual consumer is likely to be small.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The biggest benefit for individual consumers is that they <strong>may enjoy another mode of payment<\/strong> for the goods and services they purchase. Just like UPI, <a href=\"https:\/\/razorpay.com\/learn\/neft\/\">NEFT<\/a>, or Online Banking, the Digital Rupee is going to be another gear in the payments machine.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The distribution of the Digital Rupee, as previously discussed, is likely to be through digital wallets. People may be able to request a part of their salary in the form of the digital rupee, or request for conversion of physical cash into digital cash \u2013 the mechanisms are still unknown since the entire project is just in its pilot stages.<\/span><\/p>\n<p><em><strong>Related Read: <a href=\"https:\/\/razorpay.com\/blog\/digital-rupee-vs-upi\/\">Digital Rupee vs UPI: Understanding the Key Differences<\/a><\/strong><\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The Digital Rupee is highly promising to all dimensions of Indian society, as we just saw.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once the Digital Rupee becomes part of mainstream society, it is likely that existing digital and neobanks would have an advantage since they already have the necessary digital infrastructure.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Businesses that use fintech-powered solutions, or digital banks would have an advantage over those who use purely physical forms of money.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just as Netflix innovated to accommodate the rise of online video streaming, your business must, too.\u00a0<\/span><\/p>\n<p><strong>At RazorpayX, we\u2019ve innovated business banking so you don\u2019t have to. Move your finances\u00a0 over to RazorpayX, and feel the difference!\u00a0<\/strong><\/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_impact_of_digital_rupee&amp;utm_source=blog&amp;utm_medium=cta\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Join RazorpayX Now!<\/a><\/div>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<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=\"Why_was_Digital_Rupee_introduced\"><\/span>Why was Digital Rupee introduced?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Digital Rupee was introduced so that the Indian economy could take advantage of the benefits of digital currencies, while also ensuring that its use is regulated. <\/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=\"Will_Digital_Rupee_replace_physical_cash\"><\/span>Will Digital Rupee replace physical cash?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>The RBI introduced Digital Rupee to supplement existing physical cash, and not replace it. The aim is to reduce dependence on physical cash. <\/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=\"Will_Digital_Rupee_benefit_the_economy\"><\/span>Will Digital Rupee benefit the economy?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>By reducing dependence on physical cash, the RBI expects to save thousands of crores of rupees that was previously spent on printing and maintaining physical cash. Apart from this, Digital Rupee will also help in the digital transformation of India for all industries. <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-4\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"Will_Digital_Rupee_benefit_businesses\"><\/span>Will Digital Rupee benefit businesses?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Businesses face the risk of losses due to damage or theft of physical currency - a problem that can be solved with digital currency. Further, the issue of settlement risk is almost zero with the Digital Rupee. <\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Understanding the Impact of the Digital Rupee This year, the RBI spent \u20b94,984 crores on printing money &#8211; not including the environmental costs of printing, storing, and transporting the physical cash.\u00a0 Crazy? The RBI agrees. Earlier this year, when finance minister Nirmala Sitharaman presented the budget for the year, we were introduced to the concept<\/p>\n","protected":false},"author":106,"featured_media":9746,"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-9699","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\/9699","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\/106"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/comments?post=9699"}],"version-history":[{"count":11,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/9699\/revisions"}],"predecessor-version":[{"id":22914,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/9699\/revisions\/22914"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media\/9746"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media?parent=9699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/categories?post=9699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/tags?post=9699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}