Reliance, a Major Retailer in India, Will Now Accept Digital Rupee in its Stores
Reliance Retail, India’s largest retail chain, will begin taking retail payments in digital rupee, a move that could greatly accelerate CBDC’s (Central Bank Digital Currency) adoption in the nation.
To launch in-store support for the digital rupee, the Mukesh Ambani-led business announced a partnership with fintech Innoviti Technologies, ICICI Bank, and Kotak Mahindra Bank. Customers will be given a dynamic digital rupee acceptance QR code to scan at the store if they choose to pay using the nation’s CBDC, known as e₹-R.
Reliance Retail, a division of the Indian conglomerate Reliance, announced that it has begun implementing CBDC support at its Freshpik gourmet shop line and would gradually roll out the functionality to all of its sites. Reliance is now the largest Indian company to adopt the digital rupee.
In December, the central bank of India began testing the e₹-R in a few Indian cities’ retail markets.
The Reserve Bank of India wants to reduce the amount of cash used in the economy, make international payments more affordable and seamless, and shield users from the volatility of private cryptocurrencies by implementing e₹-R. Based on the test results of the present pilot, the central bank plans to test out new features and applications of the digital rupee.
In recent years, the central bank of India has generally worked to discourage its citizens from engaging in cryptocurrency trading. Despite a judgment from the supreme court of the nation, the central bank continues to forbid Indian banks from working with cryptocurrency platforms, making on-ramp difficult for the businesses involved.
