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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.
It is the first bank in both the public and commercial sectors to offer this feature via its CBDC mobile app called the Canara Digital Rupee app, according to a company release.
With the introduction of this feature, customers can scan merchant UPI QR codes using the Canara Digital Rupee app and pay through digital currency.
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Moreover, the feature is aimed at empowering merchants to accept digital currency payments using their existing UPI QR codes in addition to UPI-based payments without the requirement of a separate onboarding process for CBDC.
K. Satyanarayana Raju, the Managing Director and CEO of Canara Bank, said that the launch of the mobile application enabled with UPI interoperability is a revolutionary step towards digitalizing the Indian economy. This will enable customers to enjoy the benefits of fast and secure transactions with digital currency devised by the RBI, he added.
The Canara Bank Digital Rupee mobile application is available for Android and iOS users, enabling customers to conveniently transact in digital currency.
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The digital currency is legal tender per RBI regulations, and the launch of this app is a significant step towards adopting digital currency in India.
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