• The central bank’s digital money may be used using the UPI QR code that HDFC Bank has introduced. One lakh digital rupee wallets have already been distributed by the bank to consumers, and 1.7 lakh merchant locations may now take CBDC, also known as eRupee.
  • The implementation of this interoperable UPI QR code by HDFC Bank, one of the first banks in the nation to finish the integration process, enables merchants registered on the bank’s CBDC platform to accept payments from customers in the form of Digital Rupee currency, encouraging the use of CBDC in regular transactions.
  • An interoperable QR code allows for QR payment acceptance and supports the scan & pay feature with various factors and payment options. Consumers can transact money from their CBDC wallets across UPI QR codes using this QR code.
  • “HDFC Bank has always been a pioneer in digital banking initiatives, and we are dedicated to providing our customers with a best-in-class and enhanced experience. The QR interoperability of CBDC with the already popular UPI will greatly benefit its usage,” stated Parag Rao, Country Head – Payments, Consumer Finance, Technology & Digital Banking, HDFC Bank.
  • The application is currently available for Android 10+ users and will soon be launched on iOS. HDFC Bank currently facilitates digital rupee payments in multiple major 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.
  • The Reserve Bank of India (RBI) launched the CBDC pilot program last year, and this endeavor builds on it. The Indian Rupee is tokenized and issued as CBDC, also known as Digital Rupee, by the RBI. By the end of the year, the central bank wants to process one million eRupee transactions daily, according to RBI deputy governor T Rabi Sankar.
  • An interoperable QR code provides the scan & pay functionality with a variety of variables and payment types and enables QR payment acceptance. Using this QR code, customers may transfer money from their CBDC wallets through UPI QR codes.
  • “HDFC Bank has always been in the forefront of digital banking activities, and we are committed to giving our clients a top-notch and improved experience. The use of UPI would be substantially aided by CBDC’s QR compatibility with it, according to Parag Rao, Country Head – Payments, Consumer Finance, Technology & Digital Banking, HDFC Bank.
  • The application is currently available for Android 10+ users and will soon be launched on iOS. HDFC Bank currently facilitates digital rupee payments in multiple major 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.

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