IDFC First Bank, ToneTag partner to launch CBDC payments
The retail CBDC will be mainly used for retail payments just like “cash”. It will be a digital rupee (e ₹-R) signifying legal tender in the form of digital token and issued in the same denominations as paper currency and coins and will be distributed through intermediaries, i.e., banks
New Delhi: IDFC FIRST Bank has partnered with ToneTag, a global proximity and voice tech solution provider, to enable acceptance of digital rupee at merchant outlets. This follows a pilot launch of Central Bank Digital Currency (CBDC) for retail users by the Reserve Bank of India (RBI).