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Canara Bank Launches UPI Interoperable Digital Rupee Mobile Application 

MD & CEO_K Satyanarayana Raju copy.png

News Desk, News Nation 360: Canara Bank launched, the UPI Interoperable Digital Rupee mobile application as a part of the Reserve Bank of India's Central Bank Digital Currency (CBDC) pilot project. Canara Bank is the first Bank among public and private sector banks to introduce this feature in Bank’s CBDC mobile app called “Canara Digital Rupee app”. With the introduction of this innovative feature, customers will be able to scan merchant UPI QR codes using the Canara Digital Rupee app and make payments 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 onboarding process for CBDC. Digital currency is a legal tender as per RBI regulations, and the launch of this app is a significant step towards the adoption of digital currency in India. Some of the features of the app are 1) Load currency into their CBDC Wallet by debiting their linked account, 2) Redeem digital currency and credit the amount back to the linked account, 3) Transfer digital currency to any individual having CBDC wallet, 4) Send and collect payments through CBDC QR based payments and 5) Make payments to merchants through QR based payments (Both CBDC QR  and UPI QR). K Satyanarayana Raju, the Managing Director and CEO of Canara Bank stated that the launch of the Canara Bank Digital Rupee mobile application enabled with UPI Interoperability is a revolutionary step towards digitalizing the Indian economy. He expressed pride in the launch of the app, which will enable customers to enjoy the benefits of fast and secure transactions with digital currency devised by RBI. Canara Bank Digital Rupee Mobile app has been developed in compliance with RBI guidelines, backed by advanced blockchain technology to ensure high security and efficiency. The app features multi-factor authentication and encryption, making transactions secure and protecting user data. CBDC users would be able to transact at any merchant UPI QR across the country.       




Anustup Kundu

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