HDFC Bank Becomes First To Link Digital Rupee With UPI QR Code
Mumbai, July 13, KNT: HDFC Bank today announced the launch of UPI QR code interoperable with India’s sovereign digital currency, Central Bank Digital Currency (CBDC). With this, HDFC Bank becomes one of the first banks in the country to complete the integration process. The interoperable UPI QR code allows HDFC Bank merchants who have been onboarded on the bank’s CBDC platform, to accept payments from their customers in the form of Digital Rupee currency, boosting usage of CBDC in day-to-day transactions.
CBDC or Digital Rupee is a tokenised digital version of the Indian Rupee, issued by the RBI as a Central Bank Digital Currency.
An interoperable QR code enables basic QR payment acceptance terminal to support Scan & Pay feature from various factors & payment options. It provides freedom to accept payments using the same QR from various form factors.
The initiative is an extension to the CBDC pilot launched by the Reserve Bank of India (RBI), last year. CBDC or Digital Rupee is a tokenised digital version of the Indian Rupee, issued by the RBI as a Central Bank Digital Currency.
An interoperable QR code enables basic QR payment acceptance terminal to support Scan & Pay feature from various factors & payment options. It provides freedom to accept payments using the same QR from various form factors.
Parag Rao, Country Head – Payments, Consumer Finance, Technology & Digital Banking, HDFC Bank said, “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.”
At present, HDFC Bank facilitates payments in Digital Rupee across 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. [KNT]
