Canara Bank launches UPI Interoperable Digital Rupee mobile application as a part of the Reserve Bank of India’s Central Bank Digital Currency (CBDC) pilot project.
Canara Bank is the first Bank among public and private sector banks to introduce this feature in Bank’s CBDC mobile app called “Canara Digital Rupee app”.
With the introduction of this innovative feature, customers will be able to scan merchant UPI QR codes using Canara Digital Rupee app and make the payment through digital currency. Further, this feature empowers the merchants to accept digital currency payments using their existing UPI QR codes in addition to the UPI based payments without the requirements of a separate on boarding process for CBDC.
According to Mr. K Satyanarayana Raju, the Managing Director and CEO of Canara Bank, launch of Canara Bank Digital Rupee mobile application enabled with UPI Interoperability is a revolutionary step towards digitalizing the Indian economy. He expressed pride in the launch of the app, which will enable customers to enjoy the benefits of fast and secure transactions with digital currency devised by RBI.
Canara Bank Digital Rupee mobile application is now available for both Android and iOS users, enabling customers to conveniently transact in digital currency. The digital currency is a legal tender as per RBI regulations, and the launch of this app is a significant step towards the adoption of digital currency in India.
Some of the features of the app are
Load currency into their CBDC Wallet by debiting their linked account
Redeem digital currency and credit the amount back to linked account
Transfer digital currency to any individual having CBDC wallet
Send and collect payments through CBDC QR based payments
Make payments to merchants through QR based payments (Both CBDC QR and UPI QR)
Canara Bank Digital Rupee Mobile app has been developed in compliance with RBI guidelines, backed by advanced block chain technology to ensure high security and efficiency. The app features multi-factor authentication and encryption, making transactions secure and protecting user data.
The facility is currently being offered on a pilot basis to customers and merchants of the bank in 26 cities across India. Canara Bank Digital Rupee app is available for all whitelisted customers in these 26 cities . If any customer is not whitelisted, then they will be prompted to request for whitelisting while installation of app. Customer will get message for whitelisting from Bank within 24 hours upon which they can proceed with installation of app.
CBDC users would be able to transact at any merchant UPI QR across the country.