The digital rupee was first launched by the Reserve Bank of India (RBI) on December 1, 2022, on a pilot basis in retail markets in selected cities in India. The digital rupee is gradually being rolled out to cities, and some banks have decided to participate in the phased pilot. With a digital rupee (or e-rupee), customers will benefit from key features like convenience and security. Innoviti Technologies, in partnership with Reliance Retail, ICICI Bank and Kotak Mahindra Bank, announces the launch of in-store retail payment acceptance via Digital Rupee – Retail.

Reliance Retail has become India’s first enterprise retailer to adopt digital currency acceptance, continuing its endeavour to create a convenient and seamless payment experience for customers. The firm was also the first to introduce dynamic QR-based in-store UPI payments. After billing, if a consumer wants to pay through Digital Rupee, a dynamic Digital Rupee acceptance QR code is presented to the consumer for scanning.

V. Subramaniam, Director of Reliance Retail Limited, said, “This historic move to be the first to accept digital currencies in our stores is in line with the company’s strategic vision to provide choice to Indian consumers. As more and more Indians are willing to conduct digital transactions, this move will help us offer customers in our stores another efficient and secure alternative payment method.”

To make payments through Digital Rupee, customers can use the Digital Rupee app or Kotak Mahindra Bank app operated by ICICI Bank. They must scan the QR code on the terminal and enter their passcode to authorise the payment. Cashiers and consumers receive instant confirmation of e-Rupee (Digital Rupee) transfer from the consumer to Reliance Retail. The technology also enables automatic reconciliation.