HDFC Bank Signs Up Over 100,000 Customers and 170,000 Merchants for Central Bank Digital Currency Pilot Programs

HDFC Bank, India's largest private lender, announced that it has enrolled more than 100,000 customers and 170,000 merchants in pilot programs using the central bank digital currency (CBDC) called e-rupee.

The bank has also linked the CBDC and United Payments Interface (UPI) for merchants and customers, enabling payments through both CBDC and UPI using a single Quick Response (QR) code.

The Reserve Bank of India (RBI) created the e-rupee as a digital alternative to physical cash, using blockchain distributed-ledger technology, and aims to reach one million CBDC transactions per day by the end of this year.

Central Bank Digital Currency

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