Pine Labs has partnered with ICICI Bank to launch CBDC as a payment option under this pilot scheme driven by the RBI.
Pine Labs’ Digital Rupee payment process execution is completely digital through dynamic QR within its smart Android POS terminals
Merchant commerce omnichannel platform Pine Labs on Tuesday announced the acceptance of digital rupee at its Point of Sale (POS) terminals across leading retail outlets in Mumbai and Bengaluru in association with ICICI Bank.
“The execution of Pine Labs’ digital Rupee payment process is completely digital through dynamic QR within its smart Android POS terminals,” the company said in a statement.
RBI’s digital rupee, or central bank digital currency (CBDC), is currently live on a pilot basis for both person-to-person (P2P) and person-to-merchant (P2M) digital rupee transactions. Banks offering this facility are State Bank of India, ICICI Bank, Yes Bank, IDFC First Bank, Union Bank of India, Bank of Baroda, Kotak Mahindra Bank and HDFC Bank.
Pine Labs CEO B Amrish Rau said, “CBDC or Digital Rupee opens up exciting opportunities. It can accelerate the migration from paper-based currency to digital. Delighted to partner with ICICI Bank in launching the
Bijit Bhaskar, Head (Digital Channels & Partnerships), ICICI Bank, said, “The launch of CBDC or Digital Rupee is a historic milestone in India’s digital journey. India is one of the very few countries in the world to have its own digital currency. Digital Rupee, a tokenized digital version of the Indian Rupee, is a flexible, secure and an additional avenue for users to make payments.”
The growing acceptance of digital rupee will accelerate its adoption among customers, he added. “We are delighted to partner with Pine Labs to make digital rupee an accepted payment mode on their merchant POS terminals. This will offer a seamless payment option to users and improve the operational efficiency of merchants with Pine Labs POS terminals.”
Also Read: Can You Use Digital Rupee Without A Bank Account? Know how digital rupee wallet works
In addition to more applications, the controlled retail CBDC pilot is expected to expand to more banks, users and locations. Once formally introduced pan-India as a legal tender, the digital rupee is expected to reduce operational costs that go into managing physical cash, improve financial inclusion, and facilitate payment transactions. Provides flexibility and efficiency.
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