Punjab National Bank (PNB) has started a new service for customers. PNB has announced the inclusion of India’s Central Bank Digital Currency (CBDC) with Unified Payment Interface (UPI) interoperability in its Digital Rupee mobile application.
That is, now PNB customers can make payment to the merchant by scanning the UPI QR code through the PNB Digital Rupee app. You can use this service at any outlet. Users of the PNB Digital Rupee app can use their CBDC wallet to make purchases on UPI QR, even if they do not have a CBDC wallet. The app with this new feature is already live for Android users on Play Store and it will soon go live for iOS users as well.
Digital Rupee known as eRupee. It is issued by the Reserve Bank of India as a legal tender. It works like money. In any transaction, there is a 1:1 ratio of e-rupee and paper money in the transaction. This electronic wallet will work like a physical wallet on your device and will be linked to your bank account.
How to register for PNB Digital Rupee
Step 1: Download PNB Digital Rupee App from Google Play Store.
Step 2: Select the SIM card with the registered mobile number.
Step 3: Create your App PIN by clicking on Set App PIN.
Step 4: Select Wallet and click on Link PNB Account option.
Step 5: Fill in the debit card details and register.
Step 6: Once registered, you can start using PNB Digital Rupee.
Features of CBDC
CBDC is a currency issued in accordance with central banks and their monetary policy. It appears as a liability on the central bank’s balance sheet. It should be accepted as legal tender by all citizens, enterprises and government agencies as a means of payment. Issuance and transaction costs of currency notes are expected to come down.
Other banks that have launched CBDC
HDFC Bank, Canara Bank, Axis Bank and Yes Bank, Bank of Baroda and SBI have launched UPI interoperability.
