HDFC Bank launches UPI QR Code interoperable with CBDC

14 Jul 2023 Evaluate

HDFC Bank has launched 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 on boarded 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.

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.

HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.

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