Reliance Retail, India’s largest retail chain is going to incorporate CBDC payments in its store
CBDC adoption among the masses will reduce the reliance of the Indian economy on cash and create a newer space for digital currencies
Reliance Retail, India’s largest retail chain is going to become the first major player in the industry to incorporate Indian CBDC payments in its store. As per the recent declarations made by V. Subramaniam, Director of Reliance Retail, Reliance is working towards empowering its customers to choose a payment method of their choice. This step from Reliance retail will not only promote the use case of Indian Retail Central Bank Digital Currencies but also provide an alternate method of payment to Reliance customers.
“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. 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.” - V. Subramaniam, Director, Reliance Retail.
The vision of the company is clear towards leveraging the latest technological developments to streamline its operations in the country. Reliance Retail’s premium gourmet store line Freshpik has already started to accept CBDCs to become the first chain of stores to do so.
Reliance Retail has partnered with ICICI Bank, Kotak Mahindra Bank, and fintech Innoviti Technologies to develop a mechanism for CBDC payments in its stores all around the world. The adoption of CBDC payments in Reliance Retail will take place in a strategic order.
“e₹ is a game-changer in the digital revolution unleashed in the country. All customers having e₹-R wallets will now be able to enjoy an effortless, safe, and instant way of digital transactions at Reliance Retail stores.” - Deepak Sharma, President, and Chief Digital Officer at Kotak Mahindra Bank
CBDC adoption among the masses will reduce the reliance of the Indian economy on cash and create a newer space for digital currencies. This will also educate the users about the use case of blockchain and cryptocurrencies which could eventually lead to mass crypto adoption.
To read more news about blockchain adoption in India, keep reading the latest news on CoinGabbar.com.
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