Reliance Retail partnered with Innoviti Technologies to accept Digital rupees from customers.
Reliance Retail is an India-based retail company, which is a subsidiary of Reliance Industries. This company was founded in 2006 by India’s richest person Mukesh Ambani. In terms of revenue, this company is the largest retailer in India. Its retail outlets offer foods, groceries, apparel, footwear, toys, home improvement products, electronic goods, farm implements, and also many other items.
Recently Reliance Retail announced that the company collaborated with ICICI Bank, Kotak Mahindra Bank, and fintech company Innoviti Technologies to accept Indian Central Bank Digital Currency (CBDC), or say Digital rupee, from the customers as an alternative payment option.
Rajeev Agrawal, Founder, and CEO of Innoviti Technologies said that it will help all those Reliance Retail customers who prefer the trust, safety, and settlement finality of physical currency.
V. Subramaniam, the director at Reliance Retail, said that such digital initiatives will help the citizens to get a better choice in the list of digital payments.
Reliance Retail director said:
“This historic initiative of pioneering digital currency acceptance at our stores is in line with the company’s strategic vision of offering the power of choice to Indian consumers.”
Subramaniam also said that huge numbers of people want to pay via digital payments, so CBDC payment acceptance will help to provide efficient & secure payment options for the customers.
In late 2022, the Indian Central Bank “Reserve Bank of India (RBI)” launched the Indian CBDC pilot program and now in the upcoming days, they will launch the CBDC pilot program to use CBDC in the wholesale & cross-border payment system. Through the CBDC payment system, RBI aims to provide a better payment experience over existing traditional digital payment systems.