Many firsts are being created during the retail trial phase of e-Rupee, India’s answer to Bitcoin and the onslaught of cryptocurrencies. The latest in the news are payment platforms and retail chains announcing their integration of the CBDC.
Reliance Retail has shared it has integrated e-rupee into the Freshpik stores to begin with. This has been done in partnership with Innoviti Technologies, which has integrated the CBDC into the billing system of the cashier. Customers need to scan a QR code to pay with the digital rupee.
Another payment platform is Infibeam Avenues or CCAvenue, which has obtained the RBI license to run its Bharat Bill Payment Operating Unit.
By mid-January, the retail CBDC pilot had around 16,000 participants. The wholesale CBDC trial was launched earlier and has received mixed feedback. The main question is how the digital rupee makes settlements better.
It is no secret that some banks have been working on blockchain to keep themselves ready for adopting the new technology. The wholesale CBDC integrates the blockchain as part of the RBI-to-banks network.
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Which cities can take part in the retail pilot? The retail pilot will go into the second phase, where it will be extended to locations such as Lucknow, Kochi, Patna, Hyderabad, Shimla and Ahmedabad.
Want to know more about eRupee features? Here is a snapshot of important things to know:
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