Google Pay, Amazon Pay, and Phonepe, which is backed by Walmart, are reportedly vying for a spot in the Reserve Bank of India’s (RBI) central bank digital currency (CBDC) initiative. Other fintech firms such as Cred and Mobikwik are also seeking participation. The goal of these companies is to facilitate transactions using the e-rupee. The initiative aims to increase transaction volumes by expanding access to major payment platforms beyond traditional banks. Prior to this, only banks were able to enable e-rupee transactions through their mobile applications. However, the RBI has now allowed payment companies to participate upon approval. By widening the user base, these companies, which currently account for over 85% of UPI digital payments, hope to boost transaction volumes.
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Google Pay, Amazon Pay, Walmart-Backed Phonepe Eye Entry Into RBI’s Digital Rupee Program
