India’s ICICI, IDFC First and Kotak Mahindra banks have begun enabling selected merchants to accept contactless in-store payments made using the retail version of the prototype digital rupee as part of the first phase of the Reserve Bank of India’s retail central bank digital currency pilot.
Retail giant Reliance Retail is the first merchant to confirm that it will be taking part in the trial. It will allow customers participating in closed user group tests to make QR code payments using the digital rupee at its Freshpik gourmet food stores with support from ICICI and Kotak Mahindra, according to local media reports.
IDFC First Bank’s in-store digital rupee test will use POS technology provided by sound-based payments solution provider ToneTag, while trial online retail transactions will be processed via Indian digital payments gateway CCAvenue.
