Central Bank Digital Currency (CBDC)
Central Bank Digital Currency (CBDC) is a legal tender issued by Central Bank (Reserve bank of India) in digital form. The e-R in the form of a digital token is issued in the same denominations that paper currency and coins are currently issued.
Punjab National Bank is also a part of this initiative and has launched the Central Bank Digital Currency-Retail (CBDC-R) mobile application for its customers. Through this app, the users can transact with e-R through a digital wallet. The transactions can be both Person to Person (P2P) and Person to Merchant (P2M) (using QR codes displayed at selected merchant locations).
How to register/sign up for Central Bank Digital Currency (CBDC) e-R
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Customers can download ‘PNB Digital Rupee’ App available on Google play and iOS App Store
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The App registration process involves the device binding by sending a SMS from customer’s mobile number.
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On successful device binding, the customer will be able to register himself by linking his account, creating wallet address and setting PIN using debit card details for authentication.
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Upon successful registration, Customer will have the option to load CBDC in his wallet by using the payment options available in the app.
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On successful payment while using ‘Load’ Option, the digital rupee tokens with unique ID is transferred in the customer wallet.
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Customer can transfer the tokens using ‘Send’ option to another customer having CBDC wallet with the same or other bank. Customer can also pay digital rupee at merchant locations scanning their CBDC/UPI QR Code.
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Similarly, the customer can use ‘Collect’ option – to receive digital currency from others by sharing the QR Code as well as ‘Redeem’ option- to unload digital rupee from the CBDC Wallet and credit his/her Bank account.
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Denominations of Digital rupee are similar to Physical cash.
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The app functionalities include the following: -
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Token Load, Redeem, Send & Collect
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Token Balance Display, Wallet transaction history
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User Profile management
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QR generation and scan
Benefits Offered
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The e-R is a sovereign currency that offers features of physical cash like trust, safety, settlement finality.
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There is no risk of counterfeit currency notes and physical damage.
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Instantly load, collect redeem as well as send money to family and friends just using their Mobile No. or QR Code to CBDC-R wallets of any Bank.
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Instantly Pay to merchants for goods and services using their QR Code.
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Better Fraud Mitigation as it is based on the blockchain technology.
For any queries you may contact our Call Centre Toll Free No: 1800-1800 (or) 1800-2021 or email to cbdc[dot]customercare[at]pnb[dot]co[dot]in.