Canara Bank has launched the 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 bank in both the public and commercial sectors to offer this feature through its CBDC mobile app, the Canara Digital Rupee app, according to a corporate release.
With the introduction of this feature, customers can scan UPI QR codes from merchants using the Canara Digital Rupee app and pay via digital currency.
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Additionally, the feature aims to enable merchants to accept digital currency payments using their existing UPI QR codes alongside UPI-based payments without the requirement of a separate CBDC onboarding process.
K. Satyanarayana Raju, the managing director and CEO of Canara Bank said that the launch of the mobile application with UPI interoperability is a revolutionary step towards digitalization of the Indian economy. This allows customers to reap the benefits of fast and secure digital currency transactions devised by the RBI, he added.
The Canara Bank Digital Rupee mobile application is available for Android and iOS users, making it easy for customers to trade digital currencies.
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The digital currency is legal tender under RBI regulations and the launch of this app is an important step towards the use of digital currency in India.