New Delhi: Reliance Retail has partnered with ICICI Bank, Kotak Mahindra Bank and fintech firm Innoviti Technologies to deliver in-store support for the digital rupee.

Rajeev Agrawal, founder and CEO of Innoviti Technologies, said, “Digital Rupee satisfies the requirement of customers who still want the confidence, safety, and finality of settlement of real cash.”

With the banks in four locations, the RBI launched the retail CBDC pilot’s first phase in 2022. Users can access digital payments with the use of a CBDC without the need for a bank account. Only a central bank-issued digital wallet will provide access to the Digital Rupee.

Reliance Retail’s director V. Subramaniam said, “This historic move of pioneering the acceptance of digital money at our stores is in accordance with the company’s strategic aim of delivering the power of choice to Indian consumers.”

“With more people wanting to transact online, this effort will enable us to give yet another efficient and secure alternative payment method to clients at our locations,” he added.

The interbank market will probably become more effective with the usage of the e-rupee. The CBDC may also assist in lowering settlement fees for currency issued by central banks.

The pilot projects that will launch in the next few days are anticipated to concentrate on additional wholesale transactions and international payments.

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