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Canara Bank launches UPI interoperable Digital Rupee Mobile App

Published on August 22, 2023
Current Context: Canara Bank has recently launched a new mobile app called Canara Digital Rupee, which allows users to make payments using digital currency.
Canara Bank launches UPI interoperable Digital Rupee Mobile App
  • This app is part of the RBI’s pilot project on Central Bank Digital Currency (CBDC), which is a form of legal tender issued by the central bank.
  • Canara Bank is the first bank in India to introduce UPI interoperability in its CBDC app, which means that users can scan any UPI QR code and pay with digital currency.
  • This feature also enables merchants to accept digital currency payments without any additional onboarding process.
  • The app is available for both Android and iOS users and is currently being offered on a pilot basis to customers and merchants of the bank in 26 cities across India.

Question:

Q.1 What is the name of the mobile app launched by Canara Bank that allows payments using digital currency?
a. Canara Digital Cash
b. Canara Digital Rupee
c. Canara Digital Coin
d. Canara Digital Money
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