The Mukesh Ambani-led firm, Reliance Retail has become the first organised retail chain in India to start accepting Digital Rupee at its stores.
On Thursday, Reliance Retail announced that all of its outlets in the nation now accept retail payments made using the Digital Rupee issued by the Indian government.
Reliance Retail introduced the first in-store acceptance of the RBI-created and Blockchain-based Central Bank Digital Currency (CBDC) at its upscale grocery store Fresh Pik. The CBDC is a digital version of fiat money that will coexist with hard cash.
Reliance Retail has partnered with ICICI Bank, Kotak Mahindra Bank, and fintech Innoviti Technologies to introduce in-store support for the digital rupee.
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.
This solution was created utilising cutting-edge technology by Innoviti Technologies, Reliance Retail’s technology partner, and it interfaces with the cashier billing system. If the customer chooses to accept it after invoicing, a dynamic QR code for Digital Rupee acceptance will be displayed to them.
Customers can easily authorize a 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. The consumer will immediately be informed of the payment.
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.
The inter-bank market is anticipated to become more effective with the use of e-rupee. Settlement in central bank money would lower transaction costs by eliminating the requirement for infrastructure to support settlement guarantee systems or for collateral to decrease settlement risk.
According to V. Subramaniam, Director of Reliance Retail, “This historic initiative of pioneering the acceptance of digital money at our outlets is in line with the company’s strategic aim of delivering the power of choice to Indian consumers.”
“With more Indians willing to transact digitally, this initiative will help us provide yet another efficient and secure alternative payment method to customers at our stores,” he continued in a statement.
“Digital Rupee satisfies the requirement of consumers who still want the trust, safety, and settlement finality of physical cash”, said Rajeev Agrawal, founder and CEO of Innoviti Technologies.
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