Innoviti Technologies, ICICI Bank, and Kotak Mahindra Bank have joined forces with Reliance Retail to facilitate the acceptance of Digital Rupee issued by the Reserve Bank of India in its retail locations. According to the statement, it is the first organized retail chain in India to accept Digital Rupee. Reliance Retail’s Freshpik locations will be the first to take e-Rupee, and thereafter all Reliance Retail locations will follow.
Additionally, Reliance was the first to offer in-store UPI payments based on dynamic QR codes. The business claimed that its goal is to give clients a simple and smooth payment experience.
Despite an exponential rise in e-transactions due to India’s digital payment revolution, cash payments are still widely used.
According to Rajeev Agrawal, founder and CEO of Innoviti Technologies Private Limited, “Digital Rupee fulfils the need of consumers who still prefer the trust, safety and settlement finality of physical currency.”
On December 1, 2022, the Reserve Bank of India initially debuted the Central Bank Digital Currency (CBDC) in a trial programme for retail markets in several locations. It was first introduced in four cities—Mumbai, New Delhi, Bengaluru, and Bhubaneshwar—and was subsequently expanded to nine additional cities. Eight institutions, including ICICI Bank and Kotak Mahindra Bank, have been chosen to participate in this pilot project in stages.
Customers can easily authorize payment through the e-R by scanning the QR code on the Digital Rupee app terminal, powered by ICICI Bank or Kotak Mahindra Bank, and entering the passcode.