Mumbai Investment：Google, Amazon, Wal -Mart wants to join the Indian central bank's digital currency project

Three sources who directly participated in the discussion said on August 5 that Google Payment, Wal -Mart supported Phonepe and Amazon Payment were one of the five payment companies that provided transactions to the central bank's digital currency pilot through electronics rupee.Mumbai Investment

Sources added that Indian Financial Technology Credikwik is the other two companies that apply to join the pilot.Simla Wealth Management

It is reported that the Indian government announced the launch of digital currency in the budget of December 2022, which is a digital alternative of physical currency.After the initial surge, the electronic rupee transactions have declined, which reflects the difficulties faced by the global central bank in popularization of digital currencies.

E-RUPEE

According to the Indian Reserve Bank (RBI), the Central Bank Digital Currency (CBDC) is a digital banknotes of the Central Bank.RBI uses national monetary policy as a sovereign currency or completely independent currency issuance.

CBDC is regarded by all three parties (citizens, government entities, and enterprises) as a form of payment and legal currency.Because it is recognized by the government, it can freely redeem any commercial banks' cash or bills.

Initially, RBI only allowed banks to provide electronic rupees through their mobile applications, but in April this year, once Indian Reserve Bank approves, payment companies can also provide electronic rupees through their platforms.

According to sources, the payment company is working closely with the Indian Reserve Bank and the Indian National Payment Company (NPCI), and it is expected to launch an electronic rupee in the next three to four months.

These five payment companies account for more than 85%of UPI digital payment, with an average of about 13 billion transactions per month.