Innoviti Technologies in collaboration with Reliance Retail, ICICI Bank and Kotak Mahindra Bank, has announced the launch of in-store acceptance of retail payments through Digital Rupee – Retail [e₹-R].
“I believe e₹ is a game-changer in the digital revolution unleashed in the country. All customers having e₹-R wallets will be able to avail a way of digital transactions at Reliance Retail stores. Kotak looks forward to being associated as a banking partner with Reliance Retail and Innoviti to take part in a digital revolution,” Deepak Sharma, president and chief digital officer, Kotak Mahindra Bank Limited, said.
According to Innoviti Technologies, as a technology partner to Reliance Retail, it has architected this solution using technology that integrates into the cashier billing system. After billing, if a consumer chooses to pay through e₹-R, a dynamic Digital Rupee acceptance QR code is presented to the consumer for scanning. Customers, using their choice of Digital Rupee application powered by ICICI Bank or Kotak Mahindra Bank, can scan the QR code on the terminal and enter their passcode to authorise payment through e₹-R. It is believed that cashiers and consumers can get instant confirmation of e₹ transfer from consumer to Reliance Retail. Moreover, the technology aims to enable automatic reconciliation.
As stated by Bijith Bhaskar, head – digital channels and partnerships, ICICI Bank, the Digital Rupee, which is a tokenised digital version of the Indian Rupee, is an avenue to users for making payments. “I think increased acceptance of Digital Rupee would hasten its adoption among customers. We look forward to partnering with Reliance Retail and Innoviti Technologies to make Digital Rupee an accepted payment mode at Reliance Retail stores. This aims to present a payment option to the users and improve the operational efficiency of Reliance Retail,” he added.