Indian Overseas Bank launches CBDC app for Digital Rupee transactions

BusinessLine reported that Indian Overseas Bank launched an app for Digital Rupee transactions, called the IOB Digital Rupee app. The bank said the app is a secure, user-friendly mobile wallet for instant person-to-person and person-to-merchant transactions. Person-to-person means one individual paying another; person-to-merchant means a customer paying a shop or business. CBDC stands for central bank digital currency, a digital form of the rupee issued by the RBI rather than by a private company. The report gives no figures on users, limits or launch date beyond the announcement. It does not say which other banks offer similar apps.

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