The use cases include allowing customers to redeem credit-card reward points against Digital Rupee, with the digital currency usable for categories such as dining, fuel, apparel and electronics.
The bank has also introduced Digital Rupee gift vouchers for customer promotions. Under the proposed mechanism, eligible customers can receive vouchers in their HDFC Bank Digital Rupee wallets, which can then be used by scanning UPI QR codes at merchants.
For corporates, HDFC Bank said its corporate net-banking platform will allow organisations to disburse meal, fuel and travel allowances and reimbursements in Digital Rupee. The payments can be programmed for specified purposes, according to the bank.
The bank has also made its Digital Rupee wallets available through BHIM, allowing customers to make payments from their CBDC wallets.
The fifth use case covers offline payments onboard flights. HDFC Bank said customers will be able to tap their phones on its point-of-sale devices on aircraft to pay for food, beverages and seat upgrades without an internet connection.
“Digital Rupee combines the trust of sovereign money with programmability, transparency and stronger controls,” said Ashish Parthasarathy, Group Head, Branch Banking, Payments, Treasury, Liability Products, Marketing, Virtual Channels and Infrastructure, HDFC Bank.Rajanish Prabhu, Senior EVP, HDFC Bank, said the use cases cover payments, rewards, employee benefits and offline transactions.
The Digital Rupee is India’s central bank digital currency, issued by the Reserve Bank of India. The RBI began pilot programmes for the retail and wholesale Digital Rupee in 2022.