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Reliance To Accept Digital Currencies At Stores

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Reliance Retail, India's largest retailer, will begin accepting payment for retail purchases in digital currency in an effort that could accelerate the use of India's recently announced CBDC.

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The Mukesh Ambani-owned company announced it had formed a partnership with ICICI Bank and Kotak Mahindra Bank.

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The company has also partnered with fintech Innoviti Technologies to launch the in-store support of digital rupees.

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Customers who want to pay using the country's CBDC, known as eRs, will be given the latest QR code for digital rupees that can be scanned at the shop.

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Reliance Retail, part of the Indian conglomerate Reliance, announced it had rolled out support for CBDC at its gourmet retail line Freshpik and planned to extend the service to all its properties shortly.

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The announcement on Thursday will make Reliance the biggest Indian company to embrace the rupee digitally.

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