PNB Allows CBDC-UPI Interoperability
According to a press statement from the bank, the Punjab National Bank (PNB) has announced the addition of the Central Bank Digital Currency (CBDC) of India with Unified Payments Interface (UPI) Interoperability to its Digital Rupee mobile application.
PNB customers can now use the UPI QR code to pay their vendors by scanning it using the PNB Digital Rupee app, or they can use it to complete a transaction at a vendor outlet. Even if they don’t have a CBDC Wallet, users of the PNB Digital Rupee App can utilise their CBDC Wallets to make purchases on the UPI QR of these merchants. The app with this new function is currently available on the Play store for Android users, and it will soon be available for iOS users as well.
UPI interoperability has been introduced by HDFC Bank, followed by Canara Bank, Axis Bank, Yes Bank, Bank of Baroda, and SBI.
(With inputs from Shikha Singh)
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