The tech giant of Reliance Retail has officially become the first retailer who’d be able to accept payment in the form of Digital Money at stores.
Customers can pay their digital money just like how you do internet banking and get notification of your payment. They can simply scan the QR code on the terminal of the Digital Rupee app, and enter the passcode to authorize the payment through the E-Ruppe(e₹-R).
The app is powered by Innoviti Technologies of ICICI Bank or Kotak Mahindra Bank as Reliance Retail has partnered with them. This will allow the acceptance of Reserve Bank of India-issued Digital Rupee at Reliance stores.
As reported by Business Today, Reliance Retail Director V Subramaniam 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.”
“The history of money has had a riveting journey, evolving through barter, to coins, to notes and now is in its new digital avatar. India‘s revolution in digital payment led to exponential increase in e-transactions yet, payment via cash continues to remain popular. Digital Rupee fulfills the need of consumers who still prefer the trust, safety and settlement finality of physical currency,” was said by Rajeev Agrawal, founder & CEO, Innoviti Technologies Private Limited.
The acceptance of the e-Rupee is to be first launched at Reliance Retail’s Fresh Pik stores. The company will then further move to extend the services to all the Reliance Retail stores.
