UPI-Enabled Digital Rupee App: Canara Bank Leads the Way
Canara Bank has launched a UPI interoperable mobile app for digital rupee transactions incorporating the Reserve Bank of India”s (RBI) Central Bank Digital Currency (CBDC) pilot project. This pioneering app, named Canara Digital Rupee, distinguishes Canara Bank as the first institution across both public and commercial sectors to provide such a feature. With this app, users can effortlessly scan merchant UPI QR codes and complete payments using digital currency.
This move aims to empower merchants to accept digital currency payments through their existing UPI QR codes, eliminating the need for a separate onboarding process. CBDC. K. Satyanarayana Raju, the Managing Director and CEO of Canara Bank, emphasised that this mobile application”s launch with UPI interoperability is a groundbreaking move toward digitalising the Indian economy. He noted that customers can now experience fast and secure transactions using the digital currency framework developed by the RBI.
The Canara Bank Digital Rupee mobile app is available for both Android and iOS users, making it convenient for customers to engage in transactions using digital currency. The digital currency offered through this app is recognised as legal tender under RBI regulations, marking a significant step forward in India”s adoption of digital currency.
