Reliance Retail, the largest retail chain in India, is set to begin accepting retail payments in digital rupee, which is expected to greatly boost the adoption of the country’s central bank digital currency (CBDC).
The gourmet retail line, Freshpik, has already implemented support for CBDC, and the company has announced its plans to add support for the digital rupee to all of its properties, further driving CBDC adoption in India.
Reliance Retail’s executive, V Subramaniam, stated that the company’s goal of providing Indian consumers with options aligns with embracing the CBDC. He also highlighted that this project allows the business to offer alternative payment options in-store.
V Subramaniam stated:
“With more Indians willing to transact digitally, this initiative will help us provide yet another efficient and secure alternative payment method to customers at our stores.”
The report indicates that Reliance Retail has partnered with ICICI Bank, Kotak Mahindra Bank, and fintech firm Innoviti Technologies to launch support for the CBDC. Customers who wish to use the digital rupee will receive a QR code in-store to complete their transactions.
The central bank still forbids banks in India from working with cryptocurrency platforms, despite a judgement from the nation’s apex court.
Despite the Reserve Bank of India (RBI) prohibiting banks from working with cryptocurrency platforms, the central bank recently released a 51-page note outlining its plans for the nation’s CBDC. The country’s central bank listed many elements, including possible good and bad consequences. In the words of the RBI, reducing the operational costs of managing cash is one of the drivers for a CBDC.
The RBI’s objectives include the following:
- Reducing the amount of cash in the economy.
- Making international payments more affordable and seamless.
- Protecting users from the volatility of private cryptocurrencies through the e-R.
The central bank also plans to experiment with additional features and uses of the digital rupee based on the ongoing trial results.
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