HDFC Bank Plans To Elevate Digital Banking Experience, Launches New Features For UPI, CBDC

In a latest move, HDFC Bank introduced some latest features for Unified Payments Interface (UPI) and Central Bank Digital Currency (CBDC). These features will consist of the just-launched UPI Circle-Delegate Payment; Personalising Experiences on UPI; and User-Level Programmable CBDC. Created in alliance with several fintech collaborators, the goal of these functionalities is to enhance digital banking experience for clients via advancements in ease, security, and accessibility.

HDFC Bank has partnered with several key players, such as KreditPe, ToneTag and PayU, in the fintech ecosystem to introduce these latest offerings at Global Fintech Fest 2024, in Mumbai.

Below Are The New features

UPI - Merchant EMI - SmartHub Vyapar: The bank lunched a feature that personalises the user experience on UPI by providing tailored promotions, exclusive discounts, and convenient credit card EMI options during the payment process. It will not only boost the banking experience for users but also streamline the payment procedure, offering increased seamless and efficient service.

UPI Circle: The UPI Circle feature has been designed in such a way that it will permit the primary account holder in any UPI application to delegate payment responsibilities to a secondary user. Through the Delegate Payment via UPI feature, the secondary user will be able to carry out transactions using the primary account holder's account without the need to create separate accounts. This innovative offering has been brought to the market via a collaboration between HDFC Bank and KreditPe, according to a report published in Business Today.

Central Bank Digital Currency functionality: The Bank recently launched User-Level Programmability on Central Bank Digital Currency (CBDC). This would permit users to take benefit of programmable features within the HDFC Bank Digital Rupee Wallet. With User-Level Programmability, individuals can customise payments to be made for specific purposes, such as defined benefits, added the Business Today report.

Additionally, users will be able to mention additional conditions such as the validity period or geographical restrictions on where the CBDC can be utilized. This innovative feature empowers users to tailor their digital currency usage according to their needs and preferences.

"The new UPI features we've introduced are designed to make digital transactions more accessible, secure, and convenient for our customers. By partnering with multiple fintechs over the years, we have been able to deliver 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.

"Adding a further dimension to customer convenience, new features have been added to CBDC payments. We extend our sincere gratitude to the Reserve Bank of India for their continued guidance and support in the development and roll-out of User-Level Programmability for CBDC," Rao further said.