Canara Bank launch UPI-Interoperable Digital e-Rupee Mobile App for CBDC Transactions

[Abhishek012]

Now Axis Bank adds UPI interoperability feature to its Digital Rupee application​

According to an official release, customers will be able to use Digital Rupee to pay UPI QR codes of merchants.

 

[Abhishek012]

YES Bank goes live with UPI interoperability on CBDC

 

[Abhishek012]

SBI and BOB now live with UPI interoperability on CBDC

 

[Strange]

SBI and BOB now live with UPI interoperability on CBDC

Pehle SBI access to de. PSU Banks me sirf Canara ne hi early access diya baki Union Bank, SBI, PNB access hi nahi de raha digital rupee ka.

 

[OverdosingOnCopium]

Canara Bank launch UPI-Interoperable Digital e-Rupee Mobile App for CBDC Transactions:​

Canara Bank has taken a pioneering step by launching the UPI interoperable Canara Digital Rupee app, becoming the first bank in India to do so.

Canara Bank, a leading player in the Indian banking sector, has taken a monumental step by introducing the UPI interoperable digital rupee mobile application. This move places Canara Bank at the forefront of innovation, becoming the first bank across both the public and commercial sectors to offer this pioneering feature. The app, named the Canara Digital Rupee app, marks a significant milestone as a part of the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) pilot project.

Enabling Seamless Transactions with UPI QR Codes​

This forward-thinking initiative empowers customers to seamlessly complete transactions through their smartphones. With the Canara Digital Rupee app, customers can effortlessly scan merchant UPI QR codes, facilitating payments using the digital currency. This streamlined process brings a new level of convenience to digital payments, enhancing the overall transaction experience for users.

Simplifying Merchant Adoption of Digital Currency Payments​

A distinctive aspect of this development is its positive impact on merchants. The Canara Digital Rupee app allows merchants to accept payments using their existing UPI QR codes, opening the doors to digital currency transactions without the need for a separate onboarding process for CBDC. This approach not only accelerates the adoption of digital currency but also encourages businesses to embrace innovative payment methods.

Leadership Insight: Revolutionizing the Indian Economy​

K. Satyanarayana Raju, the Managing Director and CEO of Canara Bank, commended the launch of the UPI-interoperable mobile application as a revolutionary stride towards digitizing the Indian economy. Raju emphasized that this application marks a pivotal advancement, enabling customers to relish the advantages of rapid and secure transactions facilitated by the RBI’s digital currency framework.

Accessible Across Platforms for Widespread Adoption​

The Canara Bank Digital Rupee mobile application is available for both Android and iOS users, ensuring inclusivity and accessibility across a wide range of smartphones. As per RBI regulations, the digital currency holds the status of legal tender, reinforcing the credibility of this innovative approach. The app’s launch marks a noteworthy milestone in India’s journey towards embracing digital currency, fostering financial modernization in the country.

What I want to know is can we use these to transfer money from one credit card to another?

 

[Piyush_Jaiswal]

The normal wallet to wallet transfer is also routed via UPI ID.

 

[Abhishek012]

The normal wallet to wallet transfer is also routed via UPI ID.

Toh yeh "dr" (digital rupee) laga kar sab ka vpa bann raha hai.

But wait hold on, someone told here you can't send money to your digital rupee UPI vpa and here you successfully send to your Indus app digital rupee UPI vpa.

@Strange 👈👈 mil gaya, yehi tha woh banda.

 

[Strange]

Toh yeh "dr" (digital rupee) laga kar sab ka vpa bann raha hai.

But wait hold on, someone told here you can't send money to your digital rupee UPI vpa and here you successfully send to your Indus app digital rupee UPI vpa.

@Strange 👈👈 mil gaya, yehi tha woh banda.

upi id verify hi nahi ho raha tha kisi bhi app me, send kaise hoga.

 

[Piyush_Jaiswal]

Toh yeh "dr" (digital rupee) laga kar sab ka vpa bann raha hai.

But wait hold on, someone told here you can't send money to your digital rupee UPI vpa and here you successfully send to your Indus app digital rupee UPI vpa.

@Strange 👈👈 mil gaya, yehi tha woh banda.

The default UPI ID is <your wallet address>@dr<your bank>

 

[Piyush_Jaiswal]

This is the content stored in the Indus Digital Rupee QR generated on 12 August. This shows that the vpa was already assigned to every wallet before interoperability feature came live. This also tells that the normal transaction was routed via this method earlier also.

Now we can send money from DR VPA to UPI VPA but not vice verca.

 

[Abhishek012]

This is the content stored in the Indus Digital Rupee QR generated on 12 August. This shows that the vpa was already assigned to every wallet before interoperability feature came live. This also tells that the normal transaction was routed via this method earlier also.

Now we can send money from DR VPA to UPI VPA but not vice verca.

I guess DR VPA to DR VPA is allowed.

 

[VISHESH_BANSAL]

I guess DR VPA to DR VPA is allowed.

Yes.
That is P2P transfer by scanning another E-rupee code of different user or Mobile Number of different user.

 

[Piyush_Jaiswal]

I guess DR VPA to DR VPA is allowed.

yes, but this is not a new feature.

Digital Rupee was based on DR VPA since beginning.

 

[s73uresh]

One basic question inter bank transfer is anyway available in paytm, gpay, phonepe and other upi apps so what is the benefit of having extra app for each bank in addition to bank app. Already all these apps choke the mobile performance. Unless these digital bank apps provide any monetary benefit no use adding these apps

 

[kshitij_0]

Canara Bank launch UPI-Interoperable Digital e-Rupee Mobile App for CBDC Transactions:​

Canara Bank has taken a pioneering step by launching the UPI interoperable Canara Digital Rupee app, becoming the first bank in India to do so.

Canara Bank, a leading player in the Indian banking sector, has taken a monumental step by introducing the UPI interoperable digital rupee mobile application. This move places Canara Bank at the forefront of innovation, becoming the first bank across both the public and commercial sectors to offer this pioneering feature. The app, named the Canara Digital Rupee app, marks a significant milestone as a part of the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) pilot project.

Enabling Seamless Transactions with UPI QR Codes​

This forward-thinking initiative empowers customers to seamlessly complete transactions through their smartphones. With the Canara Digital Rupee app, customers can effortlessly scan merchant UPI QR codes, facilitating payments using the digital currency. This streamlined process brings a new level of convenience to digital payments, enhancing the overall transaction experience for users.

Simplifying Merchant Adoption of Digital Currency Payments​

A distinctive aspect of this development is its positive impact on merchants. The Canara Digital Rupee app allows merchants to accept payments using their existing UPI QR codes, opening the doors to digital currency transactions without the need for a separate onboarding process for CBDC. This approach not only accelerates the adoption of digital currency but also encourages businesses to embrace innovative payment methods.

Leadership Insight: Revolutionizing the Indian Economy​

K. Satyanarayana Raju, the Managing Director and CEO of Canara Bank, commended the launch of the UPI-interoperable mobile application as a revolutionary stride towards digitizing the Indian economy. Raju emphasized that this application marks a pivotal advancement, enabling customers to relish the advantages of rapid and secure transactions facilitated by the RBI’s digital currency framework.

Accessible Across Platforms for Widespread Adoption​

The Canara Bank Digital Rupee mobile application is available for both Android and iOS users, ensuring inclusivity and accessibility across a wide range of smartphones. As per RBI regulations, the digital currency holds the status of legal tender, reinforcing the credibility of this innovative approach. The app’s launch marks a noteworthy milestone in India’s journey towards embracing digital currency, fostering financial modernization in the country.

Bhai ye hai kya cheez mujhe samajh me nahi aaya iska concept.
Canara ka account nahi hai to kaun se bank ka e-rupee use karu?
How Canara is better? Rating bhi Canara ki hi best hai

 

[Abhishek012]

Bhai ye hai kya cheez mujhe samajh me nahi aaya iska concept.
Canara ka account nahi hai to kaun se bank ka e-rupee use karu?
How Canara is better? Rating bhi Canara ki hi best hai

Almost all major banks launch e-Rupee app.

Ek aur post hai e-Rupee k uppar, khoj k padhlo saare commnets.

 

[Abhishek012]

Now RBI Digital Rupee - CBDC and UPI Interoperability for P2P UPI QR -

Members shall implement the following for enabling interoperability and acceptance of UPI P2P QR Codes for Digital Rupee transactions:

https://www.npci.org.in/PDF/npci/upi/circular/2023/UPI-OC170-A-FY-23-24-Addendum-to-RBI-Digital-Rupee-CBDC-and-UPI-Interoperability-for-P2P-UPI-QR.pdf

Further, it is also mandated that the loading of CBDC wallets via RuPay Credit Card on UPI as the payment mode shall not be allowed. This restriction should be implemented at the CBDC wallet issuer bank end.

 

[kshitij_0]

Now RBI Digital Rupee - CBDC and UPI Interoperability for P2P UPI QR -

Members shall implement the following for enabling interoperability and acceptance of UPI P2P QR Codes for Digital Rupee transactions:

https://www.npci.org.in/PDF/npci/upi/circular/2023/UPI-OC170-A-FY-23-24-Addendum-to-RBI-Digital-Rupee-CBDC-and-UPI-Interoperability-for-P2P-UPI-QR.pdf

Further, it is also mandated that the loading of CBDC wallets via RuPay Credit Card on UPI as the payment mode shall not be allowed. This restriction should be implemented at the CBDC wallet issuer bank end.

Has anyone experienced any practical usage of CBDC till date?

 

[Abhishek012]

Has anyone experienced any practical usage of CBDC till date?

Ya . .

 

[kshitij_0]

Ya . .

Kya hume bhi batao?
Humko to kabhi aisa nahi feel hua ki digital note jaisa kuchh ho jaye to maza aa jaye warna zindagi ruk gayi hai
UPI 95% jagah kaam karta hai including villages. Baaki jagah cash kaam karta hai. Aisi kaun si jagah hai jaha CBDC ki need hai Oxygen ki tarah?