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.
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.
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.
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.
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.
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HDFC, Canara, Kotak, Indus, IDFC, Axis etc Digital eRupee is now link with UPI
Fynullee digital e-Rupee can be useful
Digital erupee = indian INR wallet ? independednt wallet
Just like cash instead of keeping cash you send them notes and coins online
What are the benefits of this?
Bank acc me money hai wo money nahi kya? Erupee kaun sa bird hai.. what is practical use? If I have to take money I take from upi with bank.. why I take erupee?
Is it really good?
eRupee Vs Cash is not debatable. We all know the advantage of digital currency. Whats debatable is eRupee vs UPI.
The main advantage of eRupee over UPI as communicated :
No need of bank mediation (which happens for UPI)
To be able to limit use of eRupee for specific purposes (Its usage could be restricted to certain merchant categories by eRupee issuer, like for fuel purchase or grocery or medicine, etc - I have not seen how it works in real. So, this makes it sort of digital voucher).
For eRupee to really become mainstream, in addition to above mentioned benefits:
1. It must ensure anonymity (They say, it is anonymous, but in practice, is it really? They need to demonstrate and ensure that anonymity is really there).
2. It should work offline. (That's how physical cash works. Transaction should be verifiable completely offline. No pending or stuck transaction like UPI, or transaction confirmation anxiety or delays.)
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Bank acc me money hai wo money nahi kya? Erupee kaun sa bird hai.. what is practical use? If I have to take money I take from upi with bank.. why I take erupee?
Bank acc me money hai wo money nahi kya? Erupee kaun sa bird hai.. what is practical use? If I have to take money I take from upi with bank.. why I take erupee?
It is not here to compete with UPI instead to replace Cash.
1. The issuance of e₹ will be processed online, helping the RBI avoid operational costs like printing, storing or transporting physical cash.
2. Secure Mode of Transaction
There are several risks associated with carrying physical cash, including theft, counterfeit currency, etc. The most significant benefit of e₹ is that it in incredibly secure. The transactions are end-to-end encrypted making it a safer, more secure mode of transaction.
i). People will not have to wary about currency being fake or mutilated notes.
ii). This will hurt Terrorists a lot.
Fake Indian notes are mainly used in terror related activities. The money mainly flows from Nepal, Pakistan and Bangladesh.
https://en.wikipedia.org/wiki/Fake_Indian_curre....
3. Low Costs of Transaction
You can settle your payments made in e₹ without worrying about high transaction costs. Banks do not need to invest in separate settlement assurance infrastructure, and thus, as the user, you will not need to pay any fees to the banks or intermediaries providing e₹ services.
4. With the launch of the e₹ , the RBI is on a mission to strengthen India’s digital economy and make online transactions risk-free. e₹ will also reduce the need for card networks and payment gateways. Once e₹ is launched nationwide, you will be able to conduct transactions conveniently, with total anonymity and enjoy quick settlements.
https://www.hdfcbank.com/personal/resources/lea....
5. e-RUPI May Help Plug Leakages In Subsidy Transfers
e-RUPI can be issued by government or by corporates to their employees for targeted use as it only allows purchase from merchant outlets, but does not permit direct cash out or peer-to-peer transfer.
It means money can be used only for the purpose it was issued. Like Money has been given to poor people they can only use that money for certain purchase like medicine/food/... and will not be able to use for Alcohol/Gambling etc.
It will work like a coupon in this case, which can be redeemed at specified merchants.
Read more at: https://www.bqprime.com/business/soon-to-be-launched-e-rupi-may-help-plug-leakages-in-subsidy-transfers