Blockchain & Crypto

India’s Retail Giant Trials CBDC

Reliance Retail – India’s largest retailer – takes part in the large-scale trial of digital rupee CBDC. The network will start accepting the new payment instrument at its Freshpik store

India's Retail Giant Trials CBDC

Image: pixabay

Reliance Retail becomes the first retailer in India to start accepting digital rupee CBDC as a payment means. At the initial launch stage, customers would be able to use the innovative payment means at Mumbai’s ‘Freshpik’ gourmet store.

The store is known for its immersive shopping concepts – created by integrating digital and physical experiences. This experimental food store is the retailer’s foray into the ultra-premium grocery space in India.

The wider roll-out will enable CBDC payments at Reliance Retail’s 17,000 stores in 7000 towns nationwide. Customers who would prefer to use the digital rupee for their purchases will receive a dynamic CBDC acceptance QR code after billing. The code is scanned at checkout to accept the payment.

India’s largest retailer has partnered with Icici Bank, Kotak Mahindra Bank and fintech Innoviti Technologies to introduce the new payment technology.

The pilot of the retail digital rupee in the country started last month. Earlier, India conducted a wholesale CBDC trial. With real use cases, the government’s initiative now enters a new phase.

The main motivations for introducing a CBDC include reducing cash management costs, boosting financial inclusion, improving efficiency, and encouraging innovation in cross-border payments.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.