Reliance Retail starts to accept government's Digital Rupee for sales

By

Isabelle Crossley

Published
Feb 3, 2023

Reliance Retail has become the first business in India to launch in-store acceptance of the Reserve Bank of India’s blockchain-based Central Bank Digital Currency. The retail giant has launched acceptance of the Digital Rupee inits Freshpik stores. 

The business has partnered with ICICI Bank, Kotak Mahindra Bank, and Innoviti Technologies to launch its in-store support for payment via the Digital Rupee, ET Bureau reported. In order to access the Digital Rupee, a bank account is not needed but rather access can be facilitated through a central bank-issued digital wallet. The government intends for the Digital Rupee to co-exist with cash. 
 
“The 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,” said Reliance Retail’s director V Subramaniam, Indo-Asian News Service reported. “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.”

The RBI launched the first stage of its pilot project for its Digital Rupee in four Indian cities with four banks in 2022. The Digital Rupee is designed to increase efficiency in the inter-bank market, according to the RBI.