India one of first to introduce CBDC payments in stores
2023.02.02 08:52
India one of first to introduce CBDC payments in stores
By Tiffany Smith
Budrigannews.com – Reliance Retail, one of India’s largest retail chains, announced that one of its store lines will begin accepting the digital rupee and plans to expand the rollout to all of its businesses.
According to a Tech Crunch report, the gourmet store line Freshpik already has support for central bank digital currency (CBDC). The company also said that it would be supporting the digital rupee in all of its properties, which could help the country’s CBDC adopt it more quickly.
An executive at Reliance Retail, V Subramaniam, stated that the company’s goal of providing Indian customers with “the power of choice” is accomplished by accepting the digital currency issued by the central bank. The executive also said that the initiative lets the company offer a different way to pay in its stores.
In order to implement support for the CBDC, the report claims that Reliance Retail collaborated with ICICI Bank, Kotak Mahindra Bank, and the fintech company Innoviti Technologies. At the store, customers who choose to pay with the digital rupee will receive a QR code to complete their transaction.
The Reserve Bank of India (RBI) published plans for the country’s CBDC on Oct. 7 in a 51-page note. The country’s central bank defined a number of variables, including the potential benefits and drawbacks. One of the reasons for a CBDC, according to the RBI, is to cut down on the operational costs of managing cash.
In November 2022, the RBI launched the wholesale pilot of the digital rupee for institutions and businesses. The CBDC pilot for retail customers was launched by the central bank on December 1, 2022, within a closed user group of merchants and customers.
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