Reliance Retail, one of India’s largest retail chains, has started accepting the digital rupee at its Freshpik gourmet store line and plans to extend the rollout to all its businesses.
The company partnered with ICICI Bank, Kotak Mahindra Bank, and Innoviti Technologies to implement the CBDC payment option.
Consumers who choose to pay with the digital rupee will receive a QR code to complete the payment.
The acceptance of CBDC aligns with Reliance Retail’s goal of offering customers “the power of choice” and providing alternative payment options in their stores.
The Reserve Bank of India (RBI) outlined plans for the country’s CBDC on October 7th, citing reduction of operational costs in cash management as one of the motivations.
Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.
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