Canara Bank launches UPI Interoperable Digital Rupee mobile application

Canara Bank launches UPI Interoperable Digital Rupee mobile application: Canara Bank launched the UPI Interoperable Digital Rupee mobile application and become the first bank in both the public and commercial sectors to offer this feature via its CBDC mobile app called the Canara Digital Rupee. 

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Aim: To empower 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.

“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 on boarding process for CBDC,” the company said in a release.

CEO of Canara Bank is K. Satyanarayana Raju.