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HDFC Bank has made significant strides in the Central Bank Digital Currency (CBDC) pilot program initiated by the Reserve Bank of India (RBI). The bank has onboarded over 1 lakh customers and 1.7 lakh merchants on the CBDC pilot program, while also implementing an interoperable UPI QR code with the e-rupee platform.
This integration enhances the usage of the digital currency in day-to-day transactions. The RBI’s CBDC pilot program, launched in November, aims to tokenize the Indian rupee for both wholesale and retail purposes.
With the interoperable UPI QR code, HDFC Bank becomes one of the first banks to simplify the acceptance of e-rupee payments, providing convenience for customers and merchants alike. This progress signifies a significant step toward the adoption of digital currency in India.