Canara Bank introduces a smartphone app for UPI Interoperable Digital Rupee

The Central Bank Digital Currency (CBDC) pilot project of the Reserve Bank of India included the debut of the UPI Interoperable Digital Rupee mobile application by Canara Bank. Canara Bank is the first bank in the public and private sectors to offer this capability in the "Canara Digital Rupee app" CBDC mobile app.

"With the introduction of this feature, customers will be able to scan merchant UPI QR codes using the app and make the payment 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," the company said in a release.

"The launch of 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," said K Satyanarayana Raju, the Managing Director and CEO of Canara Bank. The application is available for both Android and iOS users. The 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, as per the bank.