Reliance Retail began accepting digital rupees or e-rupees for payment at its stores as part of the Central Bank of Digital Currency (CDDC) adoption process.
Reliance Retail began accepting digital rupees or e-rupees for payment at its stores as part of the Central Bank of Digital Currency (CDDC) adoption process. Payment through digital money has begun in Reliance Retail’s Freshpik shop in Mumbai, but will soon be spread to the rest of India’s largest retailer’s 17,000 outlets.
The endeavor to pioneer digital currency adoption in Reliance outlets aligns with the company’s strategic aim of providing Indian consumers with the power of choice.
Key Points on Reliance Retail Accepting Digital Currency for Payments
- Reliance Retail has collaborated with Innoviti Technologies, ICICI Bank, and Kotak Mahindra Bank to facilitate digital rupee adoption.
- Customers using ICICI Bank’s or Kotak Mahindra Bank’s digital rupee app just scan the QR code at the terminal and input their password to approve payment through e-rupee.
- Cashiers and customers receive rapid confirmation of the consumer’s e-rupee transfer to Reliance Retail.
- E-rupee is an innovative strategy in the country’s digital transformation.
- Customers using e-rupee wallets will be able to conduct digital transactions at Reliance Retail outlets in an easy, secure, and quick manner.
- The Reserve Bank of India initially deployed the digital rupee for retail markets across certain Indian cities in a test mode on December 1, 2022, with access limited to customers of specifically designated institutions.
- Initially, the concept was restricted to four cities: Mumbai, New Delhi, Bengaluru, and Bhubaneswar.
- It was then expanded to nine other cities. For phased participation, eight institutions have been chosen, including ICICI Bank and Kotak Mahindra Bank.
- Customers of these banks will be able to conduct transactions in e-rupee using a digital wallet provided by them.