Reliance Retail Partners To Enable Digital Rupee Payments At Innovati Stores

This enables Reliance Retail to accept in-store digital rupee (e ) Payment. Available at Reliance Retail’s Freshpick stores as of now, digital Rupee payments will be gradually expanded to all Reliance Retail stores across the country.

The Reserve Bank of India launched a pilot for retail digital rupee on 1 December (e R) after one month of testing the wholesale CBDC (Central Bank Digital Currency), with four banks in four cities. As part of the pilot, the digital currency is issued in uniform denominations and distributed through financial intermediaries and users will be able to transact through digital wallets offered by participating banks.

Initially limited to four cities including Mumbai, New Delhi, Bengaluru and Bhubaneswar, it was later extended to nine more cities. Eight banks including ICICI Bank and Kotak Mahindra Bank have been identified for phased participation in this pilot.

CBDC is a digital form of currency notes issued by a central bank. The digital rupee will be in the form of a digital token that represents legal tender, the RBI has said. Digital Rupee essentially provides an additional alternative to the currently available currency.

“Continuing in its endeavor to create a convenient and seamless payment experience for customers, Reliance Retail becomes the first enterprise retailer to introduce dynamic QR based in-store UPI payments, India’s first enterprise to adopt digital currency acceptance retailer,” Innovati Technologies and Reliance Retail said in a statement on Thursday.

To be sure, Reliance Retail is the top retailer in the country that deals in categories like food and grocery, apparel, electronics, footwear, etc. Reliance Retail is a subsidiary of Reliance Retail Ventures Limited. RRVL, through its subsidiaries and associate companies, operates an integrated network of 17,225 stores.

Innovati Technologies, as a technology partner of Reliance Retail, has designed this solution using advanced technology which integrates into the cashier billing system. Customers using the Digital Rupee app of their choice through ICICI Bank or Kotak Mahindra Bank will be required to scan the QR code at the terminal and enter their passcode to authorize the payment through e. -R.

“This landmark initiative to pioneer the acceptance of digital currency at our stores is in line with the company’s strategic vision of providing power of choice to Indian consumers. This initiative will help us provide a more efficient and secure alternative payment method to customers at our stores.

Rajeev Agarwal, Founder and CEO, Innovati Technologies Pvt Ltd, said that while India’s revolution in digital payments has led to a rapid growth in e-transactions, payment through cash remains popular.

“Digital Rupee meets the needs of consumers who still prefer the trust, security and final settlement of physical currency. Innovate is excited to be the first to offer a robust technology platform on which people can now transact using digital rupee with the level of confidence and ease of cash.Collaborating with Reliance Retail helps us create best-in-class solutions for the industry.Our banking Through the strategic support of Kotak Mahindra Bank and ICICI Bank as partners, we have been able to make India’s digital rupee payment acceptance a reality today,” said Agarwal.

Innoviti is backed by Bessemer Venture Partners, USA, FMO, Netherlands, Panthera Growth Partners, Singapore, Alumni Ventures, USA, Catamaran Ventures and Patni Advisors. Innovati Technologies provides collaborative commerce solutions to enterprise merchants.