Mumbai: Leading public sector bank in the country, Canara Bank has launched a mobile application. The new app named ‘Canara Digital Rupee’ will allows users to scan merchant UPI QR codes and pay using digital currency. The Canara Digital Rupee app also enables merchants to accept digital currency payments using their existing UPI QR codes, without the need for a separate onboarding process for CBDC .
This is the first time that a bank in India has launched such an application. The Canara Digital Rupee app is part of the Reserve Bank of India’s Central Bank Digital Currency (CBDC) pilot project. The CBDC is a digital version of the Indian rupee that is issued by the RBI.
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Customers with the Canara Digital Rupee app can now pay for goods and services at merchants that accept UPI payments by scanning the merchant’s UPI QR code. The payment will be processed using digital currency. Merchants that accept UPI payments can also now accept digital currency payments by displaying their UPI QR codes. They do not need to go through a separate process to start accepting digital currency payments.
‘Canara Bank Digital Rupee Mobile app has been developed in compliance with RBI guidelines, backed by advanced block chain technology to ensure high security and efficiency. The app features multi-factor authentication and encryption, making transactions secure and protecting user data’ Canara Bank said in a statement.
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