Reliance Retail Now Accepting Digital Rupee from Customers

One of the fastest-growing retailers in the world, Reliance Retail has become the first retail merchant in India to accept payments in India’s Central Bank Digital Currency (Digital Rupee). 

Reliance Retail announced that it has collaborated with ICICI Bank, Innoviti Technologies, and Kotak Mahindra Bank to push out the Digital Rupee acceptance at its Freshpik outlets. The company added that other outlets will follow suit in the future.

Based on the partnership, Innoviti Technologies has built a cutting-edge solution that interfaces with the cashier billing system. Customers that choose to pay with the e-Rupee will be sent a unique QR code for finalizing their payment transactions.

The QR code is powered by both the ICICI Bank and Kotak Mahindra Bank. Customers merely need to scan the QR code on the Digital Rupee app terminal to approve the e-Rupee payment.

Indian central banks’ embrace of the digital currency became official when the Reserve Bank of India (RBI) announced in November that it has selected nine Indian banks to participate in trials of the e-Rupee. RBI stated that the trial initiative is anticipated to pave the way for secondary market transactions involving government assets.

Challenges in the Adoption of Crypto in India

India is having trouble using blockchain technology and cryptocurrencies since the government has been pressing for stronger guidelines and a ban on cryptocurrency transactions. 

Shaktikanta Das, governor of the RBI, recently warned that crypto should be banned. He highlighted that cryptocurrencies carry several risks, particularly to the macroeconomics and stability of a country. Notably, his opinion stemmed from the FTX implosion, which caused investors to lose billions of dollars.

Despite the growing concerns by the Government, the blockchain market in India is still expanding, with many businesses and startups looking into its possibilities in a range of fields like banking and supply chain management. For instance, Tezos India has partnered with Revise, a Connecticut-based non-fungible token (NFT) infrastructure platform.

The two businesses have joined forces in an effort to connect with India’s huge film and entertainment industry as well as the nation’s numerous musicians. Revise thinks the alliance presents a good possibility for the ticketing industry to adopt blockchain technologies.

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