Reliance Retail Becomes India’s First Retailer To Begin Accepting Digital Rupee

Daily Current Affairs / Reliance Retail Becomes India’s First Retailer To Begin Accepting Digital Rupee

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Category : Business and economics Published on: February 07 2023

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Reliance Retail has become India’s first retailer to begin accepting the Digital Rupee.
Reliance has started accepting digital currency at its Freshpick stores in Mumbai.
It will soon accept the Digital Rupee at its 17,000 stores across 7000 cities and towns in India.
The Digital Rupee is India’s Central Bank Digital Currency (CBDC). It is a tokenized form of the Indian rupee, and uses blockchain technology to operate.
The Digital Rupee is already being used for interbank transfers, and is also being piloted among small retailers in several cities in India.
To launch in-store support for the digital rupee, Reliance Retail has partnered with ICICI Bank, Kotak Mahindra Bank and Fintech Company Innoviti Technologies.