India’s Largest Retail Chain to Accept Payments in CBDC

cryptonews.com:

India's largest retailer Reliance Retail has announced plans to accept payments in the digital rupee in a move that could boost the nation's adoption of CBDCs.

The retail chain has partnered with ICICI Bank, Kotak Mahindra Bank, and fintech Innoviti Technologies to add support for the digital rupee in its Freshpik line of stores across the country, TechCrunch reported Thursday, detailing that customers will be provided with a dynamic digital rupee acceptance QR code that they can scan and make the payment. 

As per the report, Reliance Retail has rolled out the support for CBDC at its gourmet store line Freshpik and plans to extend the feature across other stores in the future. V Subramaniam, Director, Reliance Retail, reportedly said:

“This 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. 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's central bank has long been a supporter of Central Bank Digital Currencies (CBDCs), calling them "the future of money." The country started a pilot program of its digital currency in cooperation with nine banks in November last year. 

The Reserve Bank of India hopes to lower the economy’s reliance on cash, enable cheaper and smoother international settlements and protect people from the volatility of private cryptocurrencies with the digital rupee. The central bank next plans to experiment CBDCs for wholesale transactions, and cross-border payments. 

“e₹ is a game-changer in the digital revolution unleashed in the country,” Deepak