IDFC First Bank has announced the integration of UPI QR codes with its Central Bank Digital Currency (CBDC) app to promote the use and adoption of the digital rupee. As one of the banks participating in the Reserve Bank of India’s CBDC initiative for retail users, this integration aims to simplify payment acceptance for merchants, making it easier for them to accept digital rupee payments. Additionally, individuals can now use digital rupees for payments through existing UPI QR codes at various merchants. The move is expected to significantly enhance the adoption of CBDC across India.
The digital rupee is an initiative by the Reserve Bank of India, launched to provide a digital form of legal tender with attributes similar to physical currency, including trustworthiness, security, and instantaneous settlement in the digital realm.