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FASHION VALUE CHAIN

The Reserve Bank of India’s Central Bank Digital Currency, which is built on a blockchain, is now being accepted in stores for the first time by Reliance Retail. In its Freshpik outlets, the retail behemoth has begun to accept the Digital Rupee.

According to ET Bureau, the company has teamed up with ICICI Bank, Kotak Mahindra Bank, and Innoviti Technologies to introduce its in-store assistance for payments made with the Digital Rupee. A bank account is not required to use the Digital Rupee; instead, access can be made possible using a digital wallet issued by the central bank. The government wants the Digital Rupee and currency to coexist.

Indo-Asian News Service, Reliance Retail director V Subramaniam remarked, “The historic initiative of pioneering the acceptance of digital currency in our stores is in accordance with the company’s strategic aim of offering the power of choice to Indian consumers.” This effort will enable us to offer clients at our locations another another quick and safe alternative payment method as more Indians are willing to conduct business online.

In four Indian cities with four banks, the RBI launched the first phase of its pilot project for its Digital Rupee in 2022. According to the RBI, the Digital Rupee is intended to boost interbank market efficiency.