Reliance Retail partners Innoviti to enable digital rupee payment in stores
The Reserve Bank of India on 1 December launched a pilot for retail digital rupee (e ₹ R) with four banks in four cities, a month after testing the wholesale CBDC (Central Bank Digital Currency)
New Delhi: Innoviti Technologies, a payments-focused financial-tech firm, in collaboration with Reliance Retail, ICICI Bank and Kotak Mahindra Bank, on Thursday announced the introduction of in-store payments via Digital Rupee-Retail.
This makes Reliance Retail the first organised retail chain in India to enable in-store digital rupee (e ₹) payments. Available at Reliance Retail’s Freshpik store as of now, digital rupee payments and will be gradually extended to all Reliance Retail stores across the country.
The Reserve Bank of India on 1 December launched a pilot for retail digital rupee (e ₹ R) with four banks in four cities, a month after testing the wholesale CBDC (Central Bank Digital Currency). As part of the pilot, the digital currency is issued in the same denominations and distributed through financial intermediaries and users will be able to transact through a digital wallet offered by participating banks.
Initially limited to four cities including Mumbai, New Delhi, Bengaluru and Bhubaneswar, it was later extended to nine more cities. Eight banks, including ICICI Bank and Kotak Mahindra Bank, have been identified for phase-wise participation in this pilot.
CBDC is a digital form of currency notes issued by a central bank. The digital rupee would be in the form of a digital token that represents legal tender, the RBI has said. Digital rupee essentially provides an additional option to the currently available forms of money.
“After being the first to introduce dynamic QR based in-store UPI payments, Reliance Retail, in continuance of its endeavour to create convenient and seamless payment experience for customers, becomes the first enterprise retailer to adopt India’s digital currency acceptance,” Innoviti Technologies and Reliance Retail said in a statement on Thursday.
To be sure, Reliance Retail is the country’s top retailer operating across categories such as food and grocery, apparel, electronics, footwear etc. Reliance Retail is a subsidiary of Reliance Retail Ventures Limited. RRVL, through its subsidiaries and affiliates, operates an integrated network of 17,225 stores.
Innoviti Technologies, as a technology partner to Reliance Retail, has architected this solution using advanced technology that integrates into the cashier billing system. Customers, using their choice of Digital Rupee app via ICICI Bank or Kotak Mahindra Bank, will need to scan the QR code on the terminal and enter their passcode to authorize payment through e ₹-R.
“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,” said V. Subramaniam, Director, Reliance Retail Limited.
India’s revolution in digital payment led to exponential increase in e-transactions yet, payment via cash continues to remain popular, said Rajeev Agrawal, Founder and CEO, Innoviti Technologies Private Limited.
“Digital Rupee fulfils the need of consumers who still prefer the trust, safety and settlement finality of physical currency. Innoviti is excited to be the first to offer a robust technology platform on which individuals can now transact using Digital Rupee with the same level of trust and ease as cash. Collaborating with Reliance Retail gives us the edge to create best-in-class solutions for the industry. Through strategic support of Kotak Mahindra Bank and ICICI bank as our banking partners, we have been able create payment acceptance of India’s Digital Rupee a reality today,” said Agrawal.
Innoviti is backed by Bessemer Venture Partners, USA, FMO, Netherlands, Panthera Growth Partners, Singapore, Alumni Ventures, USA, Catamaran Ventures, and Patni Advisors. Innoviti Technologies provides collaborative commerce solutions to enterprise merchants.
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First Published:2 Feb 2023, 02:22 PM IST
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