India’s largest retail chain, Reliance Retail, will now start accepting retail payments in digital rupees, in a move that could supercharge the country’s adoption of the recently launched Central Bank Digital Currency (CBDC).
The Ambani-led firm said it has partnered with Kotak Mahindra Bank, ICICI Bank, and fintech Innoviti Technologies to launch in-store support for the digital rupee.
The retail giant on Thursday said customers who want to pay with the country’s CBDC, called E-R, will be provided with a dynamic digital rupee acceptance QR code at the store to scan.
Reliance Retail, which is part of Indian conglomerate Reliance, said it has rolled out support for CBDCs at its gourmet store line Freshpick and will eventually expand the feature to all of its properties. Thursday’s move makes Reliance the biggest Indian company to adopt the digital rupee.
“This historic initiative of introducing digital currency acceptance at the stores is in line with the company’s strategic vision of providing Indian consumers with the power of choice,” said V Subramaniam, Director, Reliance Retail.