Canara Bank has launch a new mobile app focus on taking India’s Central Bank Digital Currency (CBDC) trials to the next crucial stage that will lead to mass adoption. App call as the Canara Digital Rupee, this app will allow select bank customers to pay for daily utilities via the eRupee CBDC.
The app will be interoperable with UPI, letting testers scan existing UPI QR codes to process their CBDC payments as part of the CBDC pilot being overseen by the Reserve Bank of India (RBI).
The launch of the app this week makes Canara Bank the first mainstream Indian lender to have create a special platform to initiate CBDC payments.
Canara Bank, founded in 1906, which is now dabbling with India’s Web3 space, post an official update on X, announcing the new platform with a quote from the bank’s CEO.
Canara Bank launches UPI Interoperable Canara Digital Rupee App that empowers the customers to scan any merchant UPI QR code & make payments through #DigitalCurrency Download here:
— Canara Bank (@canarabank) August 20, 2023
Playstore https://t.co/SBtRD09wWo
Appstore https://t.co/Zw5QkrFhw7@RBI @DFS_India #CanaraBank pic.twitter.com/5ciaG2aFi5
K. Satyanarayana Raju, MD and CEO of Canara Bank, said :
“A revolutionary step towards digitalising the Indian economy, the UPI interoperable digital rupee app will enable customers to enjoy the benefits of fast and secure transactions using digital currency,”.
This app is available for download on Google Play Store as well as Apple’s App Store only customers who receive an official invite to be part of this trial will get to use the eRupee CBDC for now.
As per app’s description on Play Store :
“Canara digital Rupee app facilitates secure, fast digital currency transaction using Digital Rupee wallets. This Digital Rupee wallet will be like your physical wallet but in digital form,”.
On Google Play Store, the Canara Digital Rupee app has manage to garner 3.5 stars out of five from 760 ratings so far.
While on App Store, the app has bag a rating of four out of five, based on the 44 ratings it garner.
The reviews section for the app on both Android as well as iOS reflect certain grievances and suggestions from people who tried out the app.
From app installation being slow to the loading of the eRupee being sluggish, app testers have highlight some key points for Canara bank to work on.
This includes the apparent issue of transaction history not being available if the app is uninstall.
Testers of the app have further request Canara bank to polish the app’s interface and provide details explanation on how eRupee can benefit first time users of the platform.
At present, multiple large state-own and private lenders, including State Bank of India, Bank of Baroda, ICICI Bank, HDFC Bank, Kotak Mahindra Bank and Yes Bank are participating with the RBI in the ongoing CBDC trials.
Select small, medium, and big level merchants including Reliance retail stores are also helping the RBI test how smooth CBDC transactions could be in a real-life retail setting.
The pilot for the retail digital rupee was launch in Mumbai, New Delhi, Bengaluru and Bhubaneswar on 1st December, 2022.
It was only in July 2023, that the RBI first hint that eRupee’s integration with existing UPI QR codes was on the cards.
