Merchant commerce platform Pine Labs has partnered with ICICI Bank to accept digital rupee on its PoS (Point of Sale) terminals. The technological integration between the two entities will now enable the acceptance of digital rupees at Pine Labs’ point-of-sale terminals at major retail outlets in Mumbai and Bengaluru.
Execution of Pine Labs’ digital rupee payment process is entirely digital through dynamic QR (Quick Response) built into its smart Android PoS terminals.
“CBDC (Central Bank Digital Currency) and the digital rupee present exciting opportunities,” said B Amrish Rau, CEO of Pine Labs. “If implemented properly, it could accelerate the migration from paper money to digital money. Pine Labs is pleased to partner with ICICI Bank to launch CBDC as a payment option under this pilot project run by RBI.”
Bijith Bhaskar, head of digital channels and partnerships at ICICI Bank, said India is one of the few countries with its own digital currency.
“Digital Rupee, a tokenised digital version of the Indian Rupee, is a resilient, secure and additional payment channel for users,” Bhasker said. “Increasing acceptance of Digital Rupee will accelerate its adoption among customers.”
He also said the partnership with Pine Labs would provide users with seamless payment options and improve operational efficiency for merchants using Pine Labs PoS terminals.