Canara Bank has introduced the UPI Interoperable Digital Rupee mobile app as part of the Reserve Bank of India’s CBDC pilot project.
It’s the first bank in the public and commercial sectors to provide this feature through its Canara Digital Rupee app.
This update enables customers to use the app to scan merchant UPI QR codes for digital currency payments. This aims to help merchants accept digital currency payments via their existing UPI QR codes, streamlining the process without needing a separate CBDC onboarding.
K. Satyanarayana Raju, Canara Bank’s MD and CEO, sees this as a revolutionary step towards digitalizing India’s economy. The app is available for Android and iOS users, making digital currency transactions convenient.
This digital currency is RBI-approved legal tender, marking a significant stride in India’s digital currency adoption.