India’s Largest Retailer Tests Digital Rupee

India’s central bank digital currency (CBDC) plans seem to have taken a step forward with news that the nation’s biggest retailer, Reliance Retail, has agreed to begin accepting digital rupee payments.

Reliance has partnered with Kotak Mahindra Bank, Icici Bank, and Innoviti Technologies to introduce CBDC acceptance at its Freshpik stores. The rest of the giant’s locations are expected to follow.

All the customers that prefer to pay with the digital rupee will be offered a dynamic digital rupee acceptance QR code that is scanned at checkout.

The director of Reliance Retail, V Subramaniam, said:

“With more Indians willing to transact digitally, this initiative will help us provide yet another efficient and secure alternative payment method to customers at our stores.”

India started piloting a retail digital rupee in January, following up on an earlier wholesale CBDC test.

The central bank now hopes that a CBDC will assist in its aggressive efforts to move the nation away from cash and enhance financial inclusion, and deter growing interest in cryptos.