Reliance Retail, a prominent Indian retail chain, started accepting the digital rupee, national CBDC, at one of its store locations. The retail chain plans to extend this payment option to its operations. The fintech partner, Innoviti Technologies, disclosed the news in a press release.
As per a report by Tech Crunch, Freshpik, a gourmet store chain, already supports Central Bank Digital Currency. The firm also wants to keep the digital rupee across other locations and speed up the country’s adoption of digital currency.
The objective of CBDC Adoption:
Reliance Retail executive V Subramaniam claimed that by adopting the digital money created by the central bank, the company’s objective of giving Indian customers “the power of choice” is achieved. According to the executive, the initiative enables the business to offer a different payment method in its locations.
V. Subramaniam, Director, Reliance Retail Limited, stated:
“This historic initiative of pioneering the digital currency acceptance at our stores is in line with the company’s strategic vision of offering the power of choice to Indian consumers,
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Reliance Retail worked with ICICI Bank, Kotak Mahindra Bank, and the fintech firm Innoviti Technologies to support the CBDC. Customers to use the digital rupee in the store will get a QR code to finish their transaction.
Plans for the nation’s CBDC were released in October by the Reserve Bank of India (RBI) in a 51-page note. According to RBI, the nation’s central bank identified several elements, including the advantages and disadvantages that might reduce operational expenses associated with managing cash benefits to RBI.
The central bank began testing its digital rupee for institutional and merchant use in November of the previous year. After a successful wholesale pilot, the central bank expanded the testing to include retail use. The testing started with four participating banks in four metropolitan cities beginning December 1, 2022.
As part of the pilot program, the digital currency will be available in the same denominations as traditional currency. Financial intermediaries will distribute the digital currency, and participants can make transactions using a digital wallet provided by the participating banks.