Reliance Retail Rolls Out Support For CBDC Payment In Its Store

February 2, 2023

Reliance Retail Rolls Out Support For CBDC Payment In Its Store

One of India’s biggest retail chains, Reliance Retail has announced that they have begun accepting digital rupees at one of their gourmet store line, Freshpik. Moving ahead, the company plans to extend more support to roll out the digital rupee in its businesses.

Furthermore, Reliance Retail has partnered with the companies such as ICICI Bank, Kotak Mahindra Bank, and Fintech Innoviiti Technologies to leverage support for Indian CBDC. The customers who pay using the digital rupee will be provided a QR code to complete the transaction.

Alongside,  V.Subramaniam, the executive at Reliance Retail has also stated that the acceptance of Central Bank Digital Currency (CBDC) completely adheres to the firm’s fundamental vision of offering “power of choice” to its Indian consumers. He also highlighted that through this initiative they have added an alternative payment option within its stores.

In October 2022, the country’s Central bank shared a 51-page note sharing its vision for the country’s CBDC. Through this paper, the central bank also laid down several factors such as the effects of the digital rupee in the country. The institution stated that by bringing the Digital Rupee into circulation they aim to reduce the operational cost associated with managing cash.

Furthermore, In November 2022, RBI launched its wholesale pilot plan for the digital rupee for merchants and institutions. Going further on December 1, 2022, Central Bank started the CBDC pilot for retail consumers but within a limited user group which was again composed of merchants and consumers.

Taking this initiative ahead in a full–fledged manner Reliance Retail came forward to support Digital Rupee transactions at one of its physical stores.

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