The Canara Digital Rupee app now allows customers to scan merchant UPI QR codes and make payments using digital currency.
New Delhi: Canara Bank has launched a mobile application called Canara Digital Rupee that allows users to scan merchant UPI QR codes and pay using digital currency. 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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The Canara Digital Rupee app now allows customers to scan merchant UPI QR codes and make payments using digital currency. This feature also enables merchants to accept digital currency payments using their existing UPI QR codes, without the need for a separate onboarding process for CBDC, as per a report in the Hindu Business Line.
The Canara Digital Rupee App: How To Use
In simpler terms, 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.
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Canara Bank Digital Rupee Mobile App: A Revolutionary Step
“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 its media filing.
The launch of the Canara Bank Digital Rupee mobile application, which includes UPI Interoperability, is a ground-breaking step toward the digitalization of the Indian economy, according to Mr. K Satyanarayana Raju, the Managing Director and CEO of Canara Bank as per a report in the Economic Times.
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The Digital Rupee: What Is It?
A money is deemed to be digital if it is solely available electronically. The financial systems of several nations already place a significant emphasis on electronic forms of money. Digital money, however, can only be traded online and never leaves a computer network, as per Forbes.
