Major Players Google Pay, Amazon Pay, and PhonePe Vie for Spot in RBI’s Digital Rupee Initiative
Google Pay, Amazon Pay, and Walmart-backed PhonePe are seeking to join India’s central bank digital currency (CBDC) program led by the Reserve Bank of India (RBI).
Indian fintech companies Cred and Mobikwik are also applying to participate. This move aims to expand transaction capabilities beyond banks by integrating major payment platforms with the e-rupee. Since its launch in December 2022. The e-rupee has faced a decline in transaction volumes, highlighting challenges in promoting digital currencies.
The RBI’s initiative, which now includes payment companies, is expected to boost transaction volumes significantly as these platforms, which handle over 85% of UPI payments, begin facilitating e-rupee transactions. As of June, the digital rupee had reached five million users and 420,000 merchants.
Clever Robot News Desk 6th August 2024
