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Canara Bank Digital Rupee: A Brief
Canara Bank Digital Rupee is a mobile app facilitating transactions using the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) or e₹. Currently, it’s in the pilot phase, and access is limited.
What is a Digital Rupee wallet?
Think of it as your physical wallet, but digital. It holds e₹ tokens issued by the RBI and lets you make secure, fast transactions through the Canara Digital Rupee app.
How does it work?
- Get invited: Currently, access is via invite only. Once invited, download the app from Google Play or App Store.
- Link existing account: Link your Canara Bank account to the app for the initial loading of e₹ tokens.
- Load and redeem: You can load e₹ tokens from your linked bank account and redeem them back anytime.
- Send and receive: Transfer e₹ tokens to other Canara Digital Rupee users within the app.
- Scan and pay: Pay at select merchants who accept e₹ payments through the app’s scan and pay feature.
Benefits:
- Faster and cheaper: Transactions are settled instantly and potentially have lower fees compared to traditional methods.
- Secure: Uses blockchain technology for enhanced security and transaction transparency.
- Convenient: No need to carry physical cash and transfers are instant.
- Offline transactions: Limited offline functionality allows basic transactions even without internet connectivity.
How to apply for Canara Bank digital rupee:
Unfortunately, due to being in the pilot phase, access is limited and by invite only. Canara Bank might announce broader availability in the future.
Procedure to register (when available):
- Download the Canara Digital Rupee app.
- Register with your mobile number and PAN card.
- Link your Canara Bank account for e₹ loading and redemption.
- Wait for verification and activation.
Security:
- Uses two-factor authentication for secure login and transactions.
- Encrypted data storage and transmission.
- Blockchain technology ensures tamper-proof transaction records.
Remember:
- Currently, the Digital Rupee is in a limited pilot phase.
- Access is only available through invites from Canara Bank.
- Stay updated on Canara Bank’s official channels for broader availability announcements.
