Reliance Retail, one of India’s largest retail chains, has announced that it has started accepting the central bank digital currency (CBDC), the digital rupee, at its Freshpik gourmet store line and plans to extend the rollout to all of its properties.
Reliance Retail partnered with ICICI Bank, Kotak Mahindra Bank, and Innoviti Technologies to implement support for the CBDC.
Consumers who choose to pay with the digital rupee will receive a QR code at the store to complete the transaction.
The move aligns with the company’s vision of offering “the power of choice” to Indian consumers and providing an alternative payment option.
The Reserve Bank of India outlined its plans for the CBDC in a 51-page note in October, citing reducing the operational costs of managing cash as one of the motivations behind the CBDC.