HT Bureau
GUWAHATI, July 13: In a significant development, HDFC Bank has announced the launch of UPI QR code interoperable with India’s sovereign digital currency, Central Bank Digital Currency (CBDC). This integration positions HDFC Bank as one of the country’s pioneering banks to complete the integration process, enabling its merchants to accept payments in the form of Digital Rupee currency through the bank’s CBDC platform. This move is expected to boost the usage of CBDC in day-to-day transactions.
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Central Bank Digital Currency (CBDC), also known as Digital Rupee, is a tokenized digital version of the Indian Rupee issued by the Reserve Bank of India (RBI). It serves as a sovereign digital currency aimed at promoting digital transactions in the country. The interoperable QR code is a significant development in the adoption of CBDC. It allows basic QR payment acceptance terminals to support the Scan & Pay feature across various form factors and payment options. With this interoperability, HDFC Bank customers can seamlessly transact money in their CBDC wallet across UPI QR codes, eliminating the need to scan different QR codes at the same merchant.
Parag Rao, country head – Payments, Consumer Finance, Technology & Digital Banking, HDFC Bank, expressed his thoughts on this occasion. He stated, “HDFC Bank has always been a pioneer in applying Digital Banking initiatives, and we are committed to providing a best-in-class and enhanced experience to our customers. Our digital banking solutions are one of the best and most secure in the country. CBDC is a forward-looking initiative, and its QR interoperability with the already accepted and widely popular UPI is going to prove greatly beneficial to its usage.”
HDFC Bank customers can transact in digital currency using the ‘Digital Rupee’ application, which is available for Android Version 10+ users. The bank has plans to launch the application on iOS shortly, expanding its reach to a broader user base. As of now, HDFC Bank facilitates payments in Digital Rupee across several cities, including Mumbai, Delhi, Chandigarh, Bhubaneshwar, Bengaluru, Ahmedabad, Guwahati, Gangtok, Hyderabad, Indore, Bhopal, Lucknow, Patna, Kochi, Goa, Shimla, Jaipur, Chennai, Kolkata, Ranchi, Pune, Nagpur, Varanasi, Vishakhapatnam, Pondicherry, and Vijayawada.
