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HDFC Bank introduces new digital payment features for UPI and CBDC

HDFC Bank introduces new digital payment features for UPI and CBDC

GrafaGrafa2024/09/03 03:35
By:Isaac Francis

HDFC Bank, one of India's leading private sector banks, has introduced new features for Unified Payments Interface (UPI) and central bank digital currency (CBDC) to enhance the digital banking experience for its customers. 

These features were unveiled at the Global Fintech Fest 2024 in Mumbai and developed in collaboration with fintech companies such as Kreditpe, Tonetag, and Payu.

The new offerings include UPI Circle-Delegate Payment, personalised UPI experiences, and user-level programmable CBDC. 

UPI Circle-Delegate Payment allows users to delegate payment authority within a circle of trusted individuals, improving transaction control and flexibility. 

Personalised UPI experiences aim to provide tailored digital payment solutions, while programmable CBDC offers enhanced control and customisation for specific programmable transactions.

Parag Rao, Group Head at HDFC Bank, highlighted that these advancements demonstrate the bank’s commitment to innovation and customer-centric solutions. 

“Our focus has always been on enhancing the digital experience for our customers through continuous innovation and partnerships with leading fintech companies,” Rao stated.

HDFC Bank has consistently collaborated with fintech firms to develop solutions that meet the diverse needs of customers across India. 

The bank has worked with companies like Mintoak, Zeta, Razorpay, Pinelabs, and Juspay, resulting in products such as Smarthub Vyapar and Payzapp, which cater to various market segments.

The introduction of these new UPI and CBDC features aims to solidify HDFC Bank's leadership in digital banking. 

The bank’s emphasis on technology and strategic partnerships highlights its approach to staying competitive in a rapidly evolving financial landscape. 

As digital payments grow in popularity in India, these features are expected to offer customers greater flexibility, security, and ease of use, enhancing their overall banking experience.

HDFC Bank's ongoing collaboration with fintech companies ensures it remains at the forefront of digital innovation. 

These new UPI and CBDC offerings underscore the bank’s commitment to transforming digital payments in India and catering to the evolving needs of its diverse customer base.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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