IDFC First Bank Offers Digital Rupee App Interoperable With UPI
In an effort to increase the uptake and usage of digital rupee, IDFC First Bank on Monday announced the integration of UPI QR codes with its Central Bank Digital Currency (CBDC) app.
This new feature would streamline payment acceptance for merchants by enabling them to easily accept payments made using digital rupee, according to a statement from IDFC First Bank, one of the banks participating in the RBI’s CBDC project for retail consumers.
Additionally, it claimed that people could easily use digital rupee to pay at numerous retailers utilising UPI QR codes already in place.
According to Madhivanan Balakrishnan, executive director of IDFC First Bank, the UPI interoperability feature will significantly increase the use of CBDC throughout the nation.
(With inputs from Shikha Singh)
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