IDFC First Bank announced integration of UPI QR codes with its Central Bank Digital Currency (CBDC) app, with the goal of increasing digital rupee adoption and utilisation.
As one of the banks participating in the RBI’s CBDC initiative for retail users, IDFC First Bank stated in a statement that the new functionality will simplify payment acceptance for businesses by allowing them to take digital rupee payments effortlessly.
Furthermore, it stated that individuals can easily make purchases using digital rupees at numerous retailers utilising existing UPI QR codes.
According to IDFC First Bank Executive Director Madhivanan Balakrishnan, the UPI interoperability capability will significantly increase CBDC use across the country.
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The Reserve Bank of India launched the digital rupee programme last year. The central bank issues this digital form of legal tender, which shares the basic characteristics of physical currency, such as trustworthiness, security, and transaction finality with immediate settlement in the digital environment.
