In alignment with the RBI’s Central Bank Digital Currency (CBDC) initiative, IDFC FIRST Bank has unveiled a new enhancement: the integration of UPI QR Codes with its CBDC app, the IDFC FIRST Bank Digital Rupee. This innovation aims to enhance the adoption of Digital Rupee and boost its utilization.
Being one of the banks that are a part of RBI’s CBDC initiative for retail users, this new feature will simplify payment acceptance for merchants, enabling them to seamlessly accept payments made with Digital Rupee. Moreover, individuals can effortlessly make payments using Digital Rupee through existing UPI QR codes at various merchants.
Speaking on this initiative, Madhivanan Balakrishnan, ED & COO at IDFC FIRST Bank said, ” Our ethos revolves around embracing innovation that enriches the digital payment experience for our customers and valued merchants. The UPI Interoperability feature will dramatically enhance the adoption of CBDC across the country. This initiative underscores our unwavering dedication to shape the future of banking in India. As a bank that is rooted in a ‘Customer First’ philosophy, this initiative aligns with our digital first approach philosophy.”
The ‘Digital Rupee,’ a Central Bank Digital Currency (CBDC), is an initiative by the Reserve Bank of India. This digital form of legal tender is issued by the Central Bank and shares the essential attributes of physical currency, such as trustworthiness, security, and transaction finality with instantaneous settlement in the digital realm.
The IDFC FIRST Bank Digital Rupee app is readily available for both Android and iOS devices. Through this app, users can fund their digital wallets directly from their linked IDFC FIRST Bank accounts. Also, users can initiate transfers, receive or collect Digital Rupees from other registered users, and employ Digital Rupees for payments at any CBDC or UPI-registered merchant utilizing QR codes.