As per the news, Canara Bank has introduced the UPI Interoperable Digital Rupee mobile application as a component of the Reserve Bank of India’s Central Bank Digital Currency (CBDC) pilot initiative.
In an official announcement, the bank has taken the lead in providing a groundbreaking feature to both the public and commercial sectors with its CBDC mobile app called the Canara Digital Rupee app.
By utilizing the Canara Digital Rupee app, users can conveniently make rapid and effective payments by scanning merchant UPI QR codes.
Notably, merchants have the convenience of seamlessly incorporating digital currency payments into their existing UPI QR codes, obviating the requirement for a separate onboarding procedure to facilitate CBDC acceptance, alongside the regular UPI-based transactions.
Canara Bank is the first bank, both public and private, to add this feature to their CBDC mobile app, which they call the ‘Canara Digital Rupee app’.
Canara Bank’s CEO, K. Satyanarayana Raju, said that a new mobile app with UPI compatibility is a big step in making India’s economy digital. This app lets customers quickly and safely do transactions with the digital money created by the RBI.
“With the introduction of this feature, customers will be able to scan merchant UPI QR codes using the app and make the payment through digital currency,” the company said in a release.
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