Indian Overseas Bank launches IOB Digital Rupee app for payments
Indian Overseas Bank (IOB) just launched the IOB Digital Rupee app, making it simple to pay friends or shop using the central bank digital currency (CBDC), also known as Digital Rupee or e₹.
The app, out today, works with both person-to-person and person-to-merchant payments, plus it's UPI-friendly, so you get another digital payment option alongside what you already use.
IOB app supports programmable CBDC disbursements
The app isn't just about spending: it also helps the government send grants and benefits directly to people through its programmable CBDC feature.
Ajay Kumar Srivastava, MD & CEO, called this a big step in their digital journey, promising safer and more convenient transactions.
The bank is actively engaging with various government departments to explore opportunities to act as a Sponsor Bank for PCBDC-based fund disbursement programs.
All in all, it's part of IOB's push to make digital banking smarter and more accessible for everyone.