Reliance Retail, one of India’s largest retail chains, partnered with several firms to support payments using the digital rupee.
One of India’s biggest retail chains, Reliance Retail, announced that they have started accepting the digital rupee at one of its store lines and plans to extend the rollout to all its businesses.that CBDC support is already rolled out at Freshpik, its gourmet store line. In addition, the firm also noted that it will be expanding support for the digital rupee to all of its properties, a move that could potentially push adoption forward for the country’s CBDC.
V Subramaniam, an executive at Reliance Retail, pointed out that the acceptance of the central bank digital currency adheres to the firm's vision of offering"the power of choice" to Indian consumers. The executive also highlighted that the initiative gives the firm an opportunity to offer an alternative payment option within its stores.
According to the report, Reliance Retail has partnered with companies ICICI Bank, Kotak Mahindra Bank and fintech Innoviti Technologies to roll out support for the CBDC. Consumers who opt to pay with the digital rupee will be provided with a QR code at the store to complete their payment.
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