HDFC Bank enables UPI QR code for CBDC

Mumbai: HDFC Bank has introduced a QR code that can be used for both central bank digital currency (CBDC) and UPI payments. The bank has issued 1 lakh digital rupee wallets to customers and enabled 1.7 lakh merchant outlets to accept CBDC, also known as eRupee. HDFC Bank’s QR code will help promote usage of CBDC. RBI deputy governor T Rabi Sankar on Tuesday said that the central bank has set a target of 10 lakh eRupee transactions a day by the year-end. “The QR interoperability of CBDC with the popular UPI will benefit its usage,” stated Parag Rao, country head — payments, consumer finance, technology & digital banking, HDFC Bank. The app is currently available for Android 10+ users .