Reliance Retail, the largest retail-focused company in India, is working on accepting retail payments in digital rupee (e₹-R) in some of its stores across the country. The move makes Reliance the first major retail outlet to enable in-store digital rupee payments in India.
Reliance Launches In-store Support for Digital Rupee
According to the report, the retailer has partnered with ICICI Bank, Kotak Mahindra Bank, and fintech startup Innoviti Technologies to roll out in-store support for the digital rupee.
The company said it has already launched the payment method at its gourmet store line Freshpik and will gradually extend the feature across all its properties nationwide. It added that customers who wish to use the method at Freshpik would get a dynamic digital rupee acceptance QR code for scanning at the store.
Commenting on the development, V Subramaniam, Director at Reliance Retail, said the move would help provide customers with efficient and secure alternative payment methods.
“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,” he added.
Boosting Adoption of the Digital Rupee
Reliance Retail is a subsidiary of Reliance Industries Limited, the largest retailer in India with the widest reach. The company has around 200 million registered customers across its 16,700 store locations nationwide. It is unsurprising then that their decision to adopt India’s CBDC will boost its adoption and also entice other retailers to do the same.
The Reserve Bank of India (RBI), the nation’s central bank, on December 1, launched the first pilot for its retail digital rupee. The first phase began with four banks in four cities across the country and came one month after testing the wholesale digital rupee.
While India has been pushing for the development of the digital rupee, the country has continued to discourage citizens from using cryptocurrencies. Recently, the Indian government has taken several steps, such as strict tax structures, to slow the use of crypto in the country.
