Srinagar: HDFC Bank today announced the launch of several new features for Unified Payments Interface (UPI) and Central Bank Digital Currency (CBDC).
Developed in collaboration with multiple fintech partners, these features aim to enhance the digital banking experience by improving convenience, security, and access. The new features include UPI Circle-Delegate Payment, Personalizing Experiences on UPI, and User-Level Programmable CBDC.
HDFC Bank introduced these offerings at the Global Fintech Fest 2024 in Mumbai, in collaboration with fintech partners such as KreditPe, ToneTag, and PayU. “At HDFC Bank, we believe innovation is key to enhancing the banking experience. The new UPI features we’ve introduced are designed to make digital transactions more accessible, secure, and convenient for our customers. By partnering with various fintechs, we have delivered tailor-made, cutting-edge solutions that meet the needs of our diverse customer base, from large metros to remote parts of the country,” said Parag Rao, Group Head – Payments, Liability Products, Consumer Finance, & Marketing, HDFC Bank.
One of the new features, UPI Circle-Delegate Payment, allows the primary account holder to assign a secondary user to make payments. This feature enables secondary users to perform transactions using the customer’s primary account, eliminating the need for separate accounts. HDFC Bank has launched this feature in partnership with KreditPe.
Additionally, HDFC Bank now offers personalized offers, promotions, instant discounts, and credit card EMI options through UPI at the time of payment, providing tailored banking experiences and streamlining payments.
The bank has also introduced User-Level Programmability for Central Bank Digital Currency (CBDC). The HDFC Bank Digital Rupee Wallet now supports User-Level Programmability, allowing users to specify conditions for their payments, such as validity periods or geographical limits. This feature enables individual users to tailor how and where their CBDC can be used.
