Reliance Retail Partners With Banks to Accept Digital Rupee

Reliance Retail Partners With Banks to Accept Digital Rupee

Digital Rupee was first introduced by the Reserve Bank of India (RBI) on December 01, 2022, for retail markets across select Indian Cities in pilot mode. The digital rupee was extended to cities gradually, and select banks have been identified for phase-wise participation in this pilot. With the digital rupee (or e-rupee), customers will benefit from its key features like convenience and security. Innoviti Technologies, in collaboration with Reliance Retail, ICICI Bank and Kotak Mahindra Bank, announced the launch of in-store acceptance of retail payments via Digital Rupee – Retail.

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Reliance Retail has become the first enterprise retailer to adopt India’s digital currency acceptance, continuing its effort to create a convenient and seamless payment experience for customers. The company was previously the first to introduce dynamic QR-based in-store UPI payments. After billing, if a consumer chooses to pay through digital rupee, a dynamic Digital Rupee acceptance QR code is presented to the consumer for scanning.

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V. Subramaniam, Director, Reliance Retail Limited, said “This historic initiative of pioneering 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. 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.”

Deepak Sharma, President & Chief Digital Officer, Kotak Mahindra Bank Limited, commented, “eRs is a game-changer in the digital revolution unleashed in the country. All customers having eRs – R wallets will now be able to enjoy an effortless, safe and instant way of digital transactions at Reliance Retail stores. Kotak is proud to be associated as a banking partner with Reliance Retail and Innoviti to take part in a digital revolution.”