Indian retail giant Reliance Retail starts accepting digital rupee

India's largest retail chain, Reliance Retail, has partnered with several banks to announce the start of accepting payments in the Reserve Bank of India's (RBI) digital currency.

Mukesh Ambani, Chairman of Reliance Retail, part of the Indian conglomerate Reliance, announced support for the digital rupee in Freshpik grocery stores. To do this, the retail giant is partnering with ICICI Bank and Kotak Mahindra Bank, as well as with fintech company Innoviti Technologies.

Ambani said that people wishing to pay with the state stablecoin will use a special QR code. With the successful implementation of the digital rupee, customers will be able to pay with it in other Reliance stores.

“Reliance has become the largest Indian firm to switch to the digital rupee. This initiative will provide Indian consumers with a secure alternative payment method as more locals are willing to transact digitally,” added Reliance Retail CEO.

At the end of last year, the Indian central bank launched the first pilot project to test the retail digital rupee.. Based on the results of this project, the regulator decided to conduct additional experiments in retail payments.. The Central Bank of India hopes that CBDC will provide faster settlements at no additional cost and become an alternative to private cryptocurrencies.

Last November, the Central Bank of India also began testing a wholesale digital rupee for securities settlement with nine banks.