Reliance Retail begins accepting digital rupee for deals

Reliance Retail
February 2, 2023

Reliance Retail on Thursday blazoned it has begun accepting retail payments via the Indian government’s Digital Rupee across its stores in the country. Reliance Retail launched the first in- store acceptance of the RBI- created and Blockchain- grounded Central Bank Digital Currency (CBDC) at its epicure food store Freshpik then. The CBDC is a digital interpretation of edict plutocrat that will co-occur will hard cash.

” This major action of introducing the digital currency acceptance at our stores is in line with the company’s strategic vision of offering the power of choice to Indian consumers,” said V. Subramaniam, Director, Reliance Retail. ” With further Indians willing to distribute digitally, this action will help us give yet another effective and secure indispensable payment system to guests at our stores,” he added in a statement.

Reliance Retail has banded with ICICI Bank, Kotak Mahindra Bank and fintech Innoviti Technologies to launch the in- store support for the digital rupee. ” Digital Rupee fulfils the need of consumers who still prefer the trust, safety and agreement futurity of physical currency,” said Rajeev Agrawal, Author and CEO of Innoviti Technologies.

The RBI demurred off the first phase of a retail CBDC airman in four metropolises and involving four crucial banks late last time. A CBDC can play a crucial part in furnishing access to digital payments without the demand of a bank account and the access would be eased by a central bank- issued digital portmanteau.

Use of e-rupee is anticipated to make the inter-bank request more effective. agreement in central bank plutocrat would reduce sale costs by pre-empting the need for agreement guarantee structure or for collateral to alleviate agreement threat. Going forward, other noncommercial deals, and cross-border payments will be the focus of unborn aviators, grounded on the literacy from this airman design.

Reliance Retail

About Reliance Retail

Reliance Retail opened 789 new stores, totalling an area of 6 million square feet in Q3 FY 23. It is the retail initiative of Reliance Industries Limited and is central to the group’s consumer facing businesses. Reliance Retail has been at the forefront of bringing about Organized Retail revolution in India.

Reliance Retail’s operating model unleashes the aspirational energy of the new, resurgent India. Reliance Retail’s guiding philosophy rests on the tenets of enabling inclusion, growth and building sustainable societal value for millions of Indians. In a short period, it has forged strong and enduring bonds with millions of consumers by providing them unlimited choice, outstanding value proposition, superior quality and unmatched shopping experience across all its stores.

Reliance Retail’s growth over the years has triggered a large socio-economic transformation on an extraordinary scale in India. it has been ranked as the fastest growing retailer in the world. It is ranked 56th in the list of Top Global Retailers and is the only Indian Retailer to feature in the Top 100. It is the largest and the most profitable retailer in India with the widest reach.