• 16 July, 2024
News

Indian Retail Conglomerate Reliance Will Begin Accepting CBDC At Its Outlets

The biggest retail chain in India, Reliance Retail, has announced that it would begin taking retail payments in digital rupee in a move that has the potential to accelerate the adoption of the newly introduced CBDC in the nation.

After the invoicing process, a QR code indicating Digital Rupee acceptance will be sent to consumers who have selected this form of payment as their preferred method. 

According to the information available, Reliance Retail has entered into a partnership with ICICI Bank, Kotak Mahindra Bank, and Innoviti Technologies to allow the adoption of the digital rupee.

The company stated in a statement:

“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.”

The firm noted that this effort would help them give yet another efficient and secure alternative payment option to clients at their locations, which is becoming more important as more Indians express a desire to do business electronically.

In December 2022, the central bank Reserve Bank of India (RBI) began testing a digital version of the rupee in retail marketplaces located in a number of different Indian cities.

The Reserve Bank of India thinks that by introducing this currency, it would reduce the economy’s dependence on cash, make it possible to settle foreign transactions in a manner that is both cheaper and more efficient, and shield consumers from the volatility of domestic cryptocurrencies.

The central bank aims to experiment with new features and uses of the digital rupee based on the test findings of the ongoing pilot program that is now underway.

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