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RBI has not announced when and whether Rupee Digital will be launched for general use.
India’s largest retail chain, Reliance Retail has added support for the country’s Central Bank Digital Currency (CBDC) dubbed the Digital Rupee. As reported by TechCrunch, the company said it has partnered with ICICI Bank, Kotak Mahindra Bank, and fintech firm Innoviti Technologies to launch in-store support for digital rupees.
CBDC India is still in the pilot phase after the Reserve Bank of India (RBI) made the announcement last year. The trial is limited to institutions and merchants and is targeted at retail consumers only. With Reliance Retail participating in the trial, the company says users wishing to make payments with the Digital Rupee will be provided with a QR code to complete their transaction.
By embracing Reliance Retail from CBDC starting with its gourmet store line Freshpik, the company plans to roll out the feature to all of its stores eventually.
“This historic initiative to pioneer digital currency acceptance in our stores is in line with the company’s strategic vision of offering the power of choice to Indian consumers,” said V Subramaniam, Retail Director of Reliance, in a statement. “With more Indians willing to transact digitally, this initiative will help us provide customers with an efficient and secure alternative payment method in our stores.”
The race to launch a Central Bank Digital Currency is emerging as one of the most important talking points for central banks around the world. With more than 110 Central Banks confirmed by the International Monetary Fund (IMF) to carry out active research on the digital version of their National Currency.
India’s foray into this space came recently as other top Asian countries including China, Thailand and Hong Kong advanced their own research into new payment models.
Reliance Retail to Support CBDC RBI Efforts
Reliance Retail has a total of 193 million active customers spread throughout the country. With their reach and diversity, companies can be very important partners to help RBI drive its CBDC agenda.
In other countries such as China which are launching retail trials for their own CBDC testing, the role of leading retail companies is never to be underestimated. In the case of the People’s Bank of China (PBoC), an attempt by Alibaba Group Holdings Ltd (HKG:9988) to Uber DiDi Global Inc China (OTCMKTS:DIDIY), the bank received as much support as it could with its retail test Schedule.
While most of the Indian financial companies are having trouble pushing crypto transactions, the Digital Rupee (e₹) is billed to serve as a game changer.
“e₹ is a game changer in the digital revolution unleashed in the country,” said Deepak Sharma, President and Chief Digital Officer at Kotak Mahindra Bank, in a statement. “All customers who have an e₹-R wallet will now be able to enjoy an easy, secure and instant way of digital transactions at Reliance Retail stores.”
RBI has not announced when Rupee Digital will be launched for general use if desired.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovation to drive general acceptance and worldwide integration of new technologies. His desire to educate people about cryptocurrencies inspires his contributions to well-known blockchain-based media and websites. Benjamin Godfrey is a sports and agriculture lover.
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