wordpress blog stats
Connect with us

Hi, what are you looking for?

India’s largest retailer Reliance Retail to start accepting payments in digital rupee (e₹)

Reliance Retail, as the largest Indian retailer, serves as a fertile testing ground for digital rupee and can help build consumer awareness around it

Reliance Retail on February 2 announced that it will start accepting payments in digital rupee (e₹-R) in its stores across India. "After billing, if a consumer chooses to pay through e₹-R, a dynamic Digital Rupee acceptance QR code is presented to the consumer for scanning," the press release stated. The "in-store payment acceptance via e₹-R is launched at Reliance Retail’s Freshpik store and will progressively extend to all Reliance Retail stores across the country," the company said. The retail giant is partnering with payments solutions provider Innoviti Technologies, ICICI Bank, and Kotak Mahindra Bank to enable this feature. What is the digital rupee (e₹): It is a digital currency issued by the Reserve Bank of India and is also referred to as a Central Bank Digital Currency (CBDC). It is a legal tender and carries the same value as physical cash. RBI introduced this to take advantage of the benefits that digital currency presents while avoiding the risks posed by cryptocurrencies, which it has openly shunned. For more about the digital rupee including how it's different from UPI, what are the benefits for consumers, and which banks are currently participating, check out our detailed explainer. For some of the potential benefits of the digital rupee, read our coverage of RBI governor Shaktikanta Das's speech from last December. Why does this matter: Since December 2022, RBI has been running a pilot to test the digital rupee for the retail segment (there is a separate test ongoing for the wholesale segment). As the largest retailer in…

Please subscribe/login to read the full story.
Written By

Free Reads

News

According to Russian investigators, Stone had published online comments that defended hostile and violent actions against Russian military personnel.

News

bank-owned P-PA services do not require any authorization, but will also have to ensure compliance with other requirements for P-PAs.

News

However, it is possible to opt-out of the clause by emailing an opt-out notice to arbitration-opt-out@discord.com within 30 days of April 15, 2024, or...

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ