Canara Bank launches UPI Interoperable Digital Rupee mobile app
Canara Bank announced the launch of its UPI Interoperable Digital Rupee mobile application that allows users to pay with digital currency by scanning any merchant's UPI QR code.
This move is a part of the Reserve Bank of India's Central Bank Digital Currency (CBDC) pilot project.
«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. Further, this feature empowers the merchants to accept digital currency payments using their existing UPI QR codes in addition to the UPI based payments without the requirements of a separate on boarding process for CBDC,» the company said in a release.
Features of the app:
- Load money into their CBDC Wallet by debiting their associated account.
- Redeem digital currency and credit the amount to the associated account.
- Transfer digital currency to anyone with a CBDC wallet.
- Pay businesses with QR-based payments (both CBDC QR and UPI QR).
- CBDC QR-based payments can be used to send and receive payments.
«Digital rupee will be available to Canara bank customers only on invite basis. This Digital Rupee wallet will be similar to your physical wallet but in digital form. Things you can do on Canara Digital Rupee app: Load Digital Rupee Tokens; Redeem Digital Rupee Tokens; Send & Receive Digital Rupee Tokens; Scan and Pay using Digital Rupee Tokens,» according to the AppStore page of Canara Digital Rupee app.
However, note that the app may not be available to all clients, with a notification indicating that it is only available to customers in a closed group who have received an invitation, as per the social media X.
All participating banks in the Digital Rupee pilot have taken steps to enable
