Reliance Retail to accept digital eRupee payments soon
Indian retail outlets will soon accept the Digital eRupee. Reliance Retail becomes the first retail outlet in the country to accept payments through the digital eRupee.
emerging tech
Highlights
- Reliance Retail has collaborated with Innoviti Technologies to enable digital rupee acceptance
- The digital rupee will be launched first in retail chain Freshpik stores and then in other stores
- This would help create a convenient and smooth payment experience for customers
A fin-tech company called Innoviti Technologies, which specialises in payment processing, has announced the introduction of in-store payments through Digital Rupee-Retail. In order to make the Digital Rupee acceptible, it has teamed up with Reliance Retail, ICICI Bank, and Kotak Mahindra Bank.
With this move, Reliance Retail will become the nation’s first organised retail chain to accept the Digital Rupee. As per reports, eRupee will first be implemented in Freshpik retail chain stores, after which the policy will be extended to all stores.
How will the money be transferred?
Reliance Retail will accept eRupee at 17,000 stores across 7,000 cities nationwide. The business wants to give customers a simple and straightforward payment experience.
If any customer is interested in paying with CBDC or Digital Rupee, a dynamic QR code of Digital Rupee Approval will be presented to the customer to scan. The user can then enter the passcode to authorise the payment through eRupee after scanning the QR code on the Digital Rupee app terminal, which is powered by either Kotak Mahindra Bank or ICICI Bank. Both the cashier and the customer immediately receive confirmation of the transfer of the consumer to the store.
In addition, the technology aims to enable automatic reconciliation other than effortless payment.
This move has been dubbed a "historic milestone" by Bijith Bhaskar, Head of Digital Channels and Partnerships at ICICI Bank, who said, “I think increased acceptance of Digital Rupee would hasten its adoption among customers. We look forward to partnering with Reliance Retail and Innoviti Technologies to make Digital Rupee an accepted payment mode at Reliance Retail stores. This aims to present a payment option to the users and improve the operational efficiency of Reliance Retail.” Meanwhile, the President and Chief Digital Officer of Kotak Mahindra Bank referred to this initiative as a "game changer."
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