Reliance Retail to Accept Digital Currency for Payments

In the process of the adoption of the Central Bank of Digital Currency (CDDC), Reliance Retail started accepting digital rupees or e-rupee for payments at its store. The payment through digital currency has been started in Reliance Retail’s Freshpik store in Mumbai but will soon be expanded to other 17,000 stores of India’s largest retailer.

The initiative of pioneering digital currency acceptance at the Reliance stores is in line with the company’s strategic vision of offering the power of choice to Indian consumers.

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Reliance Retail to Accept Digital Currency for Payments- Key Points

• Reliance Retail has partnered with Innoviti Technologies, ICICI Bank, and Kotak Mahindra Bank to enable acceptance of the digital rupee.
• Customers using their choice of digital rupee app powered by ICICI Bank or Kotak Mahindra Bank need to simply scan the QR code in the terminal and enter their passcode to authorize payment through e-rupee.
• Cashiers and consumers get instant confirmation of the e-rupee transfer from the consumer to Reliance Retail.
• E-rupee is an innovative strategy in the digital revolution unleashed in the country.
• All customers having e-rupee wallets will be able to enjoy an effortless, safe, and instant way of digital transactions at Reliance Retail stores.
• On 1st December 2022, the digital rupee was first introduced by the Reserve Bank of India for retail markets across select Indian cities in a pilot mode with access limited to consumers of certain identified banks.
• Initially the idea was limited to four cities including Mumbai, New Delhi, Bengaluru, and Bhubaneswar.
• It was later extended to nine other cities. Eight banks including ICICI Bank and Kotak Mahindra Bank have been identified for phase-wise participation.
• Customers of these banks will be able to transact with e-rupee through a digital wallet offered by them.