In partnership with ICICI Bank, merchant commerce platform Pine Labs announced that its PoS (point-of-sale) terminals now accept the Digital Rupee – India’s very own Central Bank Digital Currency (CBDC).
What Happened? According to a Business Standard report, the technology integration between Pine Labs and ICICI Bank enables Digital Rupee acceptance at Pine Labs’ point-of-sale terminals in key retail outlets in Mumbai and Bengaluru.
Pine Labs processes Digital Rupee payments entirely through dynamic QR (quick response) codes built within its smart Android PoS terminals.
Pine Labs’ CEO, B Amrish Rau, expressed excitement about the opportunities that CBDC (central bank digital currency) and the Digital Rupee present. He believes that if implemented correctly, it could accelerate the shift from paper-based currency to digital. Pine Labs is glad to join forces with ICICI Bank in launching CBDC as a payment option under the pilot run by the RBI.
Bijith Bhaskar, Head of Digital Channels and Partnerships at ICICI Bank also highlighted that India is among a few select countries worldwide to have its own digital currency. He stated that the Digital Rupee, a tokenized digital version of the Indian Rupee, offers a resilient, safe, and additional payment avenue for users. Increased Digital Rupee acceptance would speed up its adoption among customers.
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The Reserve Bank of India (RBI) is currently running a pilot to test the CBDC in the retail and wholesale segments. The central bank began the wholesale CBDC pilot on November 1, 2022, while the retail segment pilot started on December 1, 2022.
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