IDFC First Bank Partners To Roll Out CBDC Payment

IDFC First Bank Partners To Launch CBDC Payment

January 31, 2023 Story: Divya Sinha

IDFC First Bank has partnered with Amazon-backed ToneTag to launch CBDC payments.

[{"selector":"#anim-10eaad83-cafd-44b4-9687-33322636306c","keyframes":{"transform":["translate3d(-100.55249%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b338bda7-e55a-4eab-9aa7-0258bf6e296d","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a8e3fb24-8cd7-4a20-a245-259e4ece86e6","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Bangalore-based ToneTag is an audio-based solution provider which offers both software and hardware capable of executing a wide range of functions.

[{"selector":"#anim-2645caea-e55a-476b-bfde-11abf5044fd5","keyframes":{"transform":["translate3d(-92.81768%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-afbd3867-00ae-4004-ae79-eca733fab5a9","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-489b20aa-a9c0-451e-a9b3-49a59941e648","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

This partnership comes after RBI announced the launch of CBDC for retail users.

[{"selector":"#anim-09347c0b-87dd-4cf0-b563-90557668654b","keyframes":{"transform":["translate3d(-92.81768%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e99308df-f710-4e68-9b95-e89c33eee535","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bfb11a96-04e7-4058-bd4c-44c2b26707a7","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Learn more

As previously reported, RBI shortlisted banks to work on the retail pilot project of CBDC namely State Bank of India, ICICI Bank, IDFC First Bank and HDFC Bank.

[{"selector":"#anim-61da6dad-c8a7-4013-a255-94348849491b","keyframes":{"transform":["translate3d(-94.32314%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1662debb-36ee-4f95-bb31-ebcac9eabe74","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5d7cdd83-2d99-4268-b92a-1e8a636591ff","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Learn more

The digital rupee in the retail segment comes in the form of digital tokens, which are legal tender.

[{"selector":"#anim-afacaa41-8ca1-41b9-8bc1-7a696315cec6","keyframes":{"transform":["translate3d(-94.06393%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e380397a-b327-43c6-a016-c6d81a786ed6","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6138a48a-0b46-4db6-a09d-1ccaa88a3fb8","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

It will be issued in the same denomination as paper currency and coins currently in circulation.

[{"selector":"#anim-f97dd897-58ea-4652-83b8-46719e33b9ab","keyframes":{"transform":["translate3d(-93.85343%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d511539e-bddc-42fa-b8bd-ed05e1015111","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-476ecf25-cd23-4041-9dc5-a9da301ea234","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Madhivanan Balkrishnan, COO of IDFC FIRST Bank said that digitisation of cash payments is one more step in making transactions easier for customers.

[{"selector":"#anim-1b164a55-9943-4613-a51f-c625481ca7ba","keyframes":{"transform":["translate3d(-95.38106%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2c9c59d8-6ee3-4039-9ede-8a1d8f99d48b","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2e6a2c97-8636-4abb-a401-b5244777ea9a","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-0e80a77f-5ed4-4e61-9577-791135b7896a","keyframes":{"transform":["rotate(-540deg) scale(0.1)","none"],"opacity":[0,1]},"delay":0,"duration":1000,"fill":"both","iterations":1}] Read More Stories