Canara Bank launches digital ₹ mobile app

Bengaluru: Canara Bank has launched a digital rupee mobile application as a part of the Reserve Bank's Central Bank Digital Currency (CBDC) pilot project. The application is interoperable with UPICanara Bank is the first bank to introduce this feature. Customers will be able to scan merchant UPI QR codes using the app and make the payment through digital currency. The feature empowers 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 on-boarding process for CBDC.K Satyanarayana Raju, MD & CEO of Canara Bank, describted the application as a revolutionary step towards digitalising the Indian economy.The app allows the customer to load currency into their CBDC Wallet by debiting their linked account. They can redeem digital currency and credit the amount back to the linked account. They can transfer digital currency to any individual having a CBDC wallet. They can send and collect payments through CBDC QR based payments.