According to a press announcement, it is the first bank in both the public and commercial sectors to offer this feature via its CBDC mobile app dubbed the Canara Digital Rupee app.
As part of the Reserve Bank of India’s Central Bank Digital Currency (CBDC) pilot initiative, Canara Bank introduced the UPI Interoperable Digital Rupee smartphone application.
According to a press announcement, it is the first bank in both the public and commercial sectors to offer this feature through its CBDC mobile app, the Canara Digital Rupee app.
Customers can now use the Canara Digital Rupee app to scan merchant UPI QR codes and pay with digital currency, thanks to the addition of this feature.
Furthermore, the feature is intended to enable businesses to take digital currency payments in addition to UPI-based payments without the need for a separate CBDC onboarding process.
Canara Bank’s Managing Director and CEO, K. Satyanarayana Raju, stated that the launch of the mobile application with UPI interoperability is a major step toward digitalizing the Indian economy. Customers will be able to experience the benefits of rapid and secure transactions with the RBI’s digital money, he added.
Customers can effortlessly transact in digital money with the Canara Bank Digital Rupee smartphone application, which is accessible for Android and iOS users.
The digital currency is legal tender per RBI regulations, and the launch of this app is a significant step towards adopting digital currency in India.
