HDFC Bank, India’s leading private sector 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 for customers by improving convenience, security, and access. These features include the newly launched UPI Circle-Delegate Payment; Personalising Experiences on UPI; and User-Level Programmable CBDC.
HDFC Bank has collaborated with various players in the fintech ecosystem to launch these
new offerings at Global Fintech Fest 2024, in Mumbai. Some of these fintechs include
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 multiple fintechs over the
years, we have been able to delivertailor-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,” he added.
Fintech partnerships have always been an important part of HDFC Bank’s strategy and it
has collaborated with several fintechs over the years including MintOak, Zeta, RazorPay,
PineLabs and JusPay. Through such partnerships the Bank has launched solutions to meet
customers' evolving needs such as SmartHubVyapar, PayZapp.