Reliance Retail, one of the largest retail chains in India, has begun taking the nation’s CBDC digital rupee at a select number of its locations and intends to expand the rollout to all of its establishments.
According to a Tech Crunch story, Reliance Retail’s gourmet shop brand, Freshpik, has already pushed out support for central bank digital currency (CBDC).
The business also said that it will add support for the digital rupee to all of its sites, a move that would accelerate acceptance for the nation’s CBDC.
A senior at Reliance Retail named V Subramaniam emphasized that embracing the central bank’s digital currency is consistent with the company’s mission of giving Indian customers “the power of choice.” The CEO also emphasized that the project enables the business to provide a different payment option within its shops.
The article claims that to launch support for the CBDC, Reliance Retail collaborated with ICICI Bank, Kotak Mahindra Bank, and fintech firm, Innoviti Technologies. Customers who want to use the digital rupee will be given a QR code at the shop to finish their transaction.
The Reserve Bank of India (RBI) released a 51-page note on October 7 outlining the plans for the nation’s CBDC. The country’s central bank listed a number of elements, including both possible advantages and disadvantages. Reducing the operating expenses associated with handling cash, according to the RBI, is one of a CBDC’s driving forces.
In November 2022, the RBI began the wholesale pilot program for institutions and retailers using the digital rupee. The CBDC pilot program for retail consumers inside a restricted user group made up of retailers and customers were launched by the central bank on December 1st, 2022.