Canara Bank has unveiled its UPI interoperable digital rupee mobile application, positioning itself as the pioneer in both the public and commercial banking sectors to offer this feature. This remarkable step forward is part of the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) pilot project and is set to transform the digital landscape of the nation.
Known as the Canara Digital Rupee app, this innovative platform allows customers to seamlessly scan merchant UPI QR codes and conduct transactions using digital currency. A significant advantage of this feature is its potential to empower merchants, as it enables them to accept digital currency payments through their existing UPI QR codes without necessitating a separate on-boarding process for CBDC integration.
K. Satyanarayana Raju, the Managing Director and CEO of Canara Bank, lauded the launch of this mobile application, emphasizing its role in ushering India into a digitally empowered era. He highlighted that this advancement enables customers to relish the advantages of rapid and secure transactions using the RBI’s digital currency.
Both Android and iOS users can access the Canara Bank Digital Rupee mobile application, making digital currency transactions more convenient and accessible for the masses. Canara Bank’s pioneering initiative marks a significant stride toward the future of digital banking in India, promising efficiency and ease for customers and merchants alike.
