India's biggest retailer trials digital rupee

India's biggest retailer trials digital rupee

India's CBDC plans have taken a step forward with news that the country's largest retailer, Reliance Retail, has agreed to start accepting digital rupee payments.

Reliance has teamed up with Icici Bank, Kotak Mahindra Bank and fintech Innoviti Technologies to roll out CBDC acceptance at its Freshpik stores. The rest of the giant's locations will follow.

Customers that want to pay with the digital rupee, will be given a dynamic digital rupee acceptance QR code that is scanned at checkout.

V Subramaniam, director, Reliance Retail, says: “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.”

India began piloting a retail digital rupee last month, following up on an earlier wholesale CBDC trial.

The central bank hopes that a CBDC will help in its aggressive efforts to move the country away from cash and boost financial inclusion, as well as deter interest in cryptocurrencies.

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