Reliance Retail, India’s largest retail chain, has announced it will begin accepting digital rupee payments in an initiative that could accelerate the adoption of the nation’s recently launched Central Bank Digital Currency (CBDC).
The Reliance group, owned by billionaire Mukesh Ambani, said it had struck a collaboration with ICICI Bank, Kotak Mahindra Bank, and fintech Innoviti Technologies to enable digital rupee acceptance at its outlets. Customers who decide to pay with the e₹-R CBDC will be provided with a tailored QR code to be scanned at the store on checkout.
Reliance Retail has rolled out this payment solution at its Freshpik grocery chain and the support for the digital rupee is set to extend to all its outlets soon. Now, it has become the nation’s first major enterprise to adopt the CBDC.
All About The Pilot Project!
The Reliance Retail director, V Subramaniam, has been pioneering the acceptance of digital currency with this historic initiative, being in line with the company’s mission of extending the power of choice to Indian consumers. In December, India’s central bank launched a pilot project to roll out the e₹-R in various retail markets of select cities.
RBI believes the e₹-R will help reduce the country’s reliance on cash, provide more affordable and efficient international transactions, and guard citizens against the risks of private cryptocurrencies. The Reserve Bank of India is currently assessing the performance of its pilot program, using the data collected to determine the additional features and applications of the digital rupee.
The Reserve Bank of India (RBI) has for some years been advocating abstention from crypto trading. Recently, the Supreme Court gave the go-ahead but the RBI still insists that banking entities avoid working with crypto platforms in India!