PNB CBDC-UPI interoperability via PNB Digital Rupee; how to register and sign up for Digital Rupee
Punjab National Bank (PNB) has announced the inclusion of India's Central Bank Digital Currency (CBDC) with Unified Payments Interface (UPI) Interoperability in its Digital Rupee mobile application, according to the bank press release.
Customers of PNB can now pay their vendors using the UPI QR code by scanning it using the PNB Digital Rupee app, or utilise it to finish a transaction at a vendor outlet. Users of the PNB Digital Rupee App can use their CBDC Wallets to make purchases on the UPI QR of these merchants even if they don't have a CBDC Wallet. The app with this new feature is already live for Android users on the Play store, and it will soon go live for iOS users as well.
How it works
Digital Rupee known as "eRupee" is issued as legal tender by the Reserve Bank of India. It functions exactly like a sovereign currency and is interchangeable 1:1 with paper money. This electronic wallet will function on your device similarly to your physical wallet and be linked to your bank account.
How to register/sign up for PNB Digital Rupee
Step 1: Download the PNB Digital Rupee app from the Google Play Store.
Step 2: Select the SIM Card with registered mobile number with PNB for SIM verification.
Step 3: Create your App PIN by clicking on Set App PIN.
Step 4: Click on Choose Wallet and Link PNB Account.
Step 5: Enter Debit card details and complete the registration process.
Step 6: Once registered, you can start using PNB Digital Rupee.
Features of CBDC
- CBDC is sovereign currency issued by Central Banks in alignment with their monetary policy
- It appears as a liability on the central bank’s balance sheet
- Must be accepted as a medium of payment, legal tender, and a safe store of value by all citizens, enterprises, and government
