BENGALURU: In an unprecedented move, Canara Bank has introduced its UPI Interoperable Digital Rupee mobile application. This launch is part of the Reserve Bank of India’s Central Bank Digital Currency (CBDC) pilot project. Marking a first, Canara Bank has set itself apart as the only bank spanning both the public and commercial sectors to introduce this unique feature through its CBDC app – aptly titled the Canara Digital Rupee app.
Stepping into the Digital Future
The Canara Digital Rupee app’s debut enables customers to scan merchant UPI QR codes directly and make payments using digital currency. This integration seamlessly blends the worlds of UPI and CBDC, offering customers a smoother and more efficient transactional experience.
Beyond simplifying transactions for customers, this innovative feature also empowers merchants. They can now accept payments in digital currency using their pre-existing UPI QR codes. Importantly, this eliminates the need for them to go through a separate onboarding process for CBDC. The move not only expands the payment options for merchants but also simplifies the transition into the age of digital currency.
A Revolutionary Step Towards Digital India
K. Satyanarayana Raju, the captain steering Canara Bank as its Managing Director and CEO, weighed in on the app’s launch. He remarked that introducing a mobile application with UPI interoperability signifies a transformative step in India’s journey towards complete digitalisation.
Seamless Experience Across Platforms
Ensuring accessibility and convenience, the Canara Bank Digital Rupee mobile application has been rolled out for both Android and iOS users. This wide availability ensures that a large swath of the bank’s customer base can effortlessly engage in digital currency transactions.
Embracing Digital Currency in India
The Reserve Bank of India has already greenlit digital currency as legal tender, signalling its endorsement and support. With the advent of the Canara Digital Rupee app, India inches closer to embracing and integrating digital currency on a broader scale. This initiative not only reflects Canara Bank’s forward-thinking approach but also indicates the nation’s collective stride into the future of digital transactions.
With over a decade of experience in the legal journalism field, Rajeev has a knack for simplifying complex legal matters for the common reader. His dedication to unbiased reporting and commitment to factual accuracy has established him as a respected figure in the Indian legal community. When he's not dissecting the latest court rulings, Pravien enjoys mentoring young journalists.
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