BENGALURU: Canara Bank has launched a UPI-interoperable digital rupee mobile application as part of the Reserve Bank of India’s Central Bank Digital Currency (CBDC) pilot project. It is the first of public and private sector banks to introduce the feature called the ‘Canara Digital Rupee app’.
With the introduction of this innovative feature, customers will be able to make payments by scanning merchant UPI QR codes using the Canara Digital Rupee app. Merchants can accept digital currency payments through their existing UPI QR codes in addition to the UPI-based payments without the requirements of a separate onboarding process for CBDC.
K Satyanarayana Raju, Managing Director and CEO of Canara Bank, launched the app. He said interoperability is a revolutionary step towards digitalising the Indian economy. He said this will enable customers to enjoy the benefits of fast and secure transactions with digital currency devised by RBI. The app is now available for both Android and iOS users.