February 3, 2023
1 min read

Reliance Retail now accepts digital rupee

The CBDC is the a digital version of fiat money that will co-exist will hard cash….reports Asian Lite News

Reliance Retail on Thursday announced it has begun accepting retail payments via the Indian government’s Digital Rupee across its stores in the country.

Reliance Retail launched the first in-store acceptance of the RBI-created and Blockchain-based Central Bank Digital Currency (CBDC) at its gourmet food store Freshpik here.

The CBDC is the a digital version of fiat money that will co-exist will hard cash.

“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.

“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,” he added in a statement.

Reliance Retail has collaborated with ICICI Bank, Kotak Mahindra Bank and fintech Innoviti Technologies to launch the in-store support for the digital rupee.

“Digital Rupee fulfils the need of consumers who still prefer the trust, safety and settlement finality of physical currency,” said Rajeev Agrawal, Founder and CEO of Innoviti Technologies.

The RBI kicked off the first phase of a retail CBDC pilot in four cities and involving four key banks late last year.

A CBDC can play a key role in providing access to digital payments without the requirement of a bank account and the access would be facilitated by a central bank-issued digital wallet.

Use of e-rupee is expected to make the inter-bank market more efficient.

Settlement in central bank money would reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk.

Going forward, other wholesale transactions, and cross-border payments will be the focus of future pilots, based on the learnings from this pilot project.

ALSO READ: MSMEs get big Budget boost

Previous Story

Hindenburg erases Adani’s $100 bn

Next Story

Tea sector not okay with Union Budget

Latest from Business

Nothing’s CMF Goes Indian with $100M JV

Company has announced a $100 million joint venture with Indian electronics manufacturer Optiemus Infracom Limited….reports Asian Lite News Smartphone maker Nothing has spun off its budget sub-brand CMF into an independent subsidiary,

Airbnb Boosts India Economy

Among international guests, the largest inbound sources were the United States, United Kingdom, Canada, and Australia Hospitality giant Airbnb made a significant impact on India’s economy in 2024, contributing Rs 113 billion

Rupee, Markets Gain Amid Trade Optimism

Emerging market currencies, including the rupee, have gained support amid softening in the dollar. Reports suggesting that the US economy is on the verge of a recession have contributed to the greenback’s

Deadline Nears, India–EU Talks Heat Up

The success or failure of this round will shape how the two sides proceed, especially on difficult issues that have long blocked progress….reports Asian Lite News India and the European Union on

Gold Shines Bright Amid Global Jitters

Gold and silver continued their bullish run on Monday, scaling new highs amid mounting global uncertainties, heightened geopolitical tensions, and growing expectations of a US Federal Reserve rate cut. According to the
Go toTop

Don't Miss

Global Beauty Sensation SheGlam Now Exclusively on Tira

Available only on Tira, SheGlam invites customers to experience viral

Abu Dhabi’s Adia Bets Big On Reliance Retail

ADIA’s investment will translate into a 0.59 per cent equity