The Business Bytes
TBB BUREAU
NEW DELHI, SEPT 5, 2023
Punjab National Bank (PNB) has announced the launch of India’s Central Bank Digital Currency (CBDC) with Unified Payments Interface (UPI) Interoperability feature in its Digital Rupee mobile application. This move is in line with the RBI’s CBDC pilot project, and unleashes a new potential in India’s payment ecosystem.
PNB customers can now use the PNB Digital Rupee App to scan the UPI QR code for payment to their merchants or complete a transaction at a merchant outlet. Even if the merchants don’t have a CBDC Wallet, PNB Digital Rupee App users can utilise their CBDC Wallets to conduct transactions on the UPI QR of these merchants. The app with this new functionality is currently available for android users on the Play store and will also be made live for iOS users.
For registering or signing up for PNB Digital Rupee, one has to first download the PNB Digital Rupee app from the Google Play Store, then select the SIM Card with registered mobile number with PNB for SIM verification, create one’s App PIN by clicking on Set App PIN, then click on Choose Wallet and Link PNB Account, an finally enter the Debit card details and complete the registration process.
Once registered, the customer can start using PNB Digital Rupee.
