HDFC Bank, India’s largest private sector lender, has launched an interoperable UPI QR code with the CBDC (Central Bank Digital Currency) e-rupee platform. This means that customers can now use their CBDC wallets to make payments at merchants that accept UPI QR codes.
The launch of the interoperable UPI QR code is a significant step in the adoption of CBDC in India. It makes it easier for consumers to use CBDC and for merchants to accept it.
HDFC Bank has already onboarded over 1 lakh customers and more than 1.7 lakh merchants on the CBDC pilot programme. The bank is one of the first to complete the integration process for the interoperable UPI QR code.
The interoperable UPI QR code offers a number of benefits for both customers and merchants. For customers, it means that they can use their CBDC wallets to make payments at a wider range of merchants. For merchants, it means that they only need to display one QR code to accept payments from both CBDC and UPI wallets.
The interoperable UPI QR code is currently available to Android version 10+ users and will be launched on iOS soon. HDFC Bank facilitates e-rupee payments across 26 cities in India, including all the major metros and smaller cities.
The launch of the interoperable UPI QR code is a major milestone in the development of CBDC in India. It is a significant step towards making CBDC more accessible and convenient for consumers and merchants.
Here are some of the key benefits of the interoperable UPI QR code with the CBDC:
- Customers can use their CBDC wallets to make payments at a wider range of merchants.
- Merchants only need to display one QR code to accept payments from both CBDC and UPI wallets.
- The interoperable UPI QR code is more secure than traditional QR codes.
- The interoperable UPI QR code is more efficient than traditional QR codes.
The launch of the interoperable UPI QR code is a major milestone in the development of CBDC in India. It is a significant step towards making CBDC more accessible and convenient for consumers and merchants.