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Mumbai: In a move to enhance the digital banking experience for its customers, HDFC Bank has announced the launch of various features for Unified Payments Interface (UPI) and Central Bank Digital Currency (CBDC). These features include the newly launched UPI Circle-Delegate Payment, Personalized experiences on UPI, and User-Level Programmable CBDC. They have been designed in collaboration with multiple fintechs including KreditPe, ToneTag, and PayU.
Details of the key features launched are as follows:
- UPI Circle: This feature will allow a primary account holder in any UPI application to assign a secondary user to make payments. The secondary user will not need a bank account for this purpose. HDFC Bank has launched this feature in collaboration with KreditPe.
- UPI-Merchant EMI-SmartHub Vyapar: Under this, customers will be provided with personalized offers, instant discounts, and credit card EMI options through UPI at the time of making a payment. This feature will streamline payments for the customers and enable a customized banking experience for the customers as per their needs.
- User-Level Programmable CBDC: Using the HDFC Bank’s recently introduced User-Level Programmability on CBDC, customers can take advantage of programmable features within the HDFC Bank Digital Rupee Wallet. With this feature, users can customize payments to be made for specific purposes. In addition, users can also specify the validity period or geographical restrictions on where the CBDC can be utilized.
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