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PNB Launches CBDC-Enabled Digital Rupee App with UPI Interoperability

Sep 6, 2023

By: BlinkX Research Team

The State-owned Punjab National Bank (PNB) has announced the launch of a Central Bank Digital Currency (CBDC) through its digital rupee mobile application. This CBDC comes with an interoperability feature that allows it to work seamlessly with the Unified Payments Interface (UPI), a popular digital payments system in India.

This move aligns with the Reserve Bank of India's (RBI) CBDC pilot project, indicating that PNB is participating in the exploration and development of digital currency technologies in India. It's seen as a significant development in India's payment ecosystem.

With the PNB digital rupee app, PNB customers can now perform transactions in a more convenient way. They can scan UPI QR codes to make payments to merchants or complete transactions at merchant outlets using this app. What's noteworthy is that even if the merchants themselves don't have a CBDC Wallet, PNB digital rupee app users can still utilize their CBDC wallets to conduct transactions through the UPI QR codes provided by these merchants.

Initially, this enhanced app is available for Android users through the Play Store, and it will later be made available for iOS users as well. This expansion to iOS will make the CBDC and UPI interoperability accessible to a wider user base in India.

Source: Media Reports