🚀💥 The digital revolution is underway! Amazon and Google rush to join India's digital currency pilot! 🇮🇳💸
US payment giants like GooglePay and AmazonPay are now aiming to participate in the Reserve Bank of India's (RBI) digital currency program. As the RBI opens the doors of its digital currency initiative to non-bank payment firms, high-profile names like AmazonPay, GooglePay and Walmart-backed PhonePe are showing keen interest in facilitating transactions with India's CBDC, the e -rupee.
Other Indian fintechs such as Cred and Mobikwik have also expressed an interest in joining this pilot program, although the date of their integration remains to be confirmed. Until recently, only Indian banks were authorized to manage e-rupee transactions via their mobile applications. However, last April, the RBI paved the way for payment companies to be included in the scheme.
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The e-rupee, launched in December 2022, represents a tokenized version of the Indian rupee, issued by the RBI. After its launch, RBI officials highlighted the privacy features of e-rupee, promising a certain anonymity of transactions. However, despite these assurances, CBDC adoption remains slow. By the end of June, the RBI reported 1 million retail transactions in e-rupee, but mainly after local banks started offering incentives and distributing part of their employees' salaries in digital currency.
The RBI had earlier asked banks to achieve at least 1 million transactions per day by the end of 2023 to test the scalability of the system. However, this pressure has since ceased, leaving doubt over the future of the digital currency initiative due to the gap between incentivized measures and actual user adoption.
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