HDFC Bank launches UPI QR Code interoperable with CBDC

HDFC Bank has launched a UPI QR code interoperable with India’s sovereign digital currency, Central Bank Digital Currency (CBDC). With this, HDFC Bank becomes one of the first banks in the country to complete the integration process. The interoperable UPI QR code allows HDFC Bank merchants who have been onboarded on the bank’s CBDC platform, to accept payments from their customers in the form of Digital Rupee currency, boosting usage of CBDC in day-to-day transactions.

The initiative is an extension to the CBDC pilot launched by the Reserve Bank of India (RBI), last year. CBDC or Digital Rupee is a tokenised digital version of the Indian Rupee, issued by the RBI as a Central Bank Digital Currency. An interoperable QR code enables a basic QR payment acceptance terminal to support Scan & Pay feature from various factors & payment options. It provides freedom to accept payments using the same QR from various form factors.

HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.

On Friday, the shares of HDFC Bank closed at Rs 1645.20, up by 0.24% from its previous closing of Rs 1641.30 on the BSE.

Today, the scrip opened at Rs 1653 and has touched a high and low of Rs 1653.10 and Rs 1635, respectively.

The BSE group ‘A’ stock of face value of Rs 1 has touched a 52-week high and low of Rs 1,757.80 and Rs 1,338.30, respectively.

Last one week high and low of the scrip stood at Rs 1676.85 and Rs 1627.20 respectively. The current market cap of the company is Rs 9,19,962.74 crore.

The promoters holding in the company stood at 25.52%, while Institutions and Non-Institutions held 61.19% and 14.19% respectively.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.