A leading Indian retail chain, Reliance Retail, has begun accepting the national CBDC, the digital rupee (e₹). In India, the central bank is testing digital currency across wholesale and retail segments. Reliance Retail, a leading Indian retail chain, has begun accepting the national CBDC, the digital rupee (e₹), at one of its store lines and […]
A leading Indian retail chain, Reliance Retail, has begun accepting the national CBDC, the digital rupee .Reliance Retail, a leading Indian retail chain, has begun accepting the national CBDC, the digital rupee , at one of its store lines and intends to expand the payment process to all of its businesses.
in October last year. The central bank defined a number of factors, including the potential positive and negative effects of a digital rupee in the country.As per the Indian central bank, one of the main reasons for introducing a CBDC in the country is to reduce the operational costs of managing cash.CBDC support is already available at Reliance Retail’s gourmet store line, according to the company.
Reliance Retail has partnered with the banking institutions, ICICI Bank and Kotak Mahindra Bank, along with the fintech Innoviti Technologies for the CBDC payment system. Customers who choose to pay in the CBDC will be given a QR code at the center to execute their transaction. “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,” said V. Subramaniam, Director, Reliance Retail Limited.
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