Reliance Retail, India’s largest retail chain, will start accepting retail payments in digital rupees in a move that could boost the country’s recently launched CBDC adoption.
The company led by Mukesh Ambani said it has partnered with ICICI Bank, Kotak Mahindra Bank and Innoviti Technologies to roll out in-store support for the digital rupee. Customers who wish to pay via the country’s CBDC (Central Bank Digital Currency), known as e₹-R, will be provided with a QR code accepting dynamic digital rupees to scan in-store , the retail giant said on Thursday.
V Subramaniam, Director of Reliance Retail, said: “The historic initiative of pioneering digital currency acceptance in our stores aligns with the company’s strategic vision of providing rights choice for Indian consumers. “With more and more Indians ready to transact digitally, this initiative will help us provide another efficient and secure alternative payment method for customers in our stores. we.”
India’s central bank began piloting e₹-R in December for retail markets in several Indian cities.
Through the e₹-R, the Reserve Bank of India hopes to reduce the economy’s reliance on cash, enable cheaper and smoother international settlements, and protect people from the volatility of private cryptocurrencies. Based on the test results of the ongoing pilot program, the central bank plans to test additional features and applications of the digital rupee.
India’s central bank has spent the past few years pushing its citizens to avoid trading cryptocurrencies. Despite the ruling from the country’s supreme court, the central bank continues to force banks to participate in crypto platforms in India, a move that has turned a nightmare for companies. related, said people with direct knowledge of the matter.
Deepak Sharma, President and Chief Digital Officer at Kotak Mahindra Bank, said: “e₹ is a game changer in the digital revolution taking place in the country. “All customers with e₹-R wallets will now be able to enjoy easy, secure and instant digital transactions at Reliance retail stores.”
