Canara Bank launches UPI interoperable Digital Rupee app, a threat to Paytm & Google Pay?
Canara Bank becomes the first bank to launch of the UPI Interoperable Digital Rupee mobile application, thereby demonstrating its commitment to enhance the ease of digital transactions for its customers and playing a pioneering role in shaping India's digital financial future.
Highlights
- Canara Bank introduces a groundbreaking feature, thus playing a pioneering role in shaping India's digital financial future
- Now, the bank's customers can seamlessly scan merchant UPI QR codes using the Canara Digital Rupee app and conduct transactions using digital currency
Canara Bank has taken a significant step towards advancing India's digital economy by launching the UPI Interoperable Digital Rupee mobile application as part of the Reserve Bank of India's (RBI) CBDC pilot project. This pioneering move establishes Canara Bank as the first institution, both in the public and commercial sectors, to provide this feature through its CBDC mobile app, the Canara Digital Rupee app.
Simplifying digital transactions with Canara Digital Rupee app
With the introduction of this groundbreaking feature, Canara Bank's customers can seamlessly scan merchant UPI QR codes using the Canara Digital Rupee app and conduct transactions using digital currency. Notably, this innovation also allows merchants to accept digital currency payments via their existing UPI QR codes, eliminating the need for a separate onboarding process for CBDC.
The Canara Digital Rupee app empowers users to load currency into their CBDC wallet by debiting their linked account, redeem digital currency, and credit the amount back to their linked account. Moreover, it facilitates hassle-free currency transfers to any individual possessing a CBDC wallet and enables secure payments through CBDC QR-based transactions.
Canara Bank CEO hails the dawn of a digital currency era
K. Satyanarayana Raju, the Managing Director and CEO of Canara Bank, praised the launch of the mobile application featuring UPI interoperability as a groundbreaking move towards digitalising the Indian economy. He emphasised that this innovation allows customers to experience the benefits of rapid and secure transactions with digital currency endorsed by the RBI.
The Canara Bank Digital Rupee mobile application is now accessible to both Android and iOS users, offering a user-friendly platform for digital currency transactions. Importantly, the digital currency carried by the app holds legal tender status as per RBI regulations, marking a significant stride toward embracing digital currency within India.
