Mumbai, May 2: Leading merchant commerce omnichannel platform, Pine Labs on Tuesday announced the acceptance of digital Rupee on its PoS terminals in partnership with ICICI Bank. The technology integration between the two entities will now support e Rupee (Digital Rupee) acceptance at Pine Labs’ point-of-sale terminals across key retail outlets in Mumbai and Bengaluru.
Pine Labs’ execution of the Digital Rupee payment process is completely digital via dynamic QR built within its smart Android PoS terminals.
Commenting on the announcement, B Amrish Rau, CEO, Pine Labs, said, “CBDC and Digital Rupee opens up exciting opportunities. If implemented correctly, it can accelerate the migration from paper-based currency to digital. Pine Labs is happy to partner with ICICI Bank in launching CBDC as a payment option under this pilot run by the RBI.”
Mr. Bijith Bhaskar, Head – Digital Channels and Partnerships, ICICI Bank, said, “The introduction of CBDC or Digital Rupee is a historic milestone in the digital journey of India. India is among the select few countries globally to have its own digital currency. The Digital Rupee, which is a tokenised digital version of the Indian Rupee, is a resilient, safe and additional avenue to users for making payments. Increased acceptance of Digital Rupee would hasten its adoption among customers. We are delighted to partner with Pine Labs to make Digital Rupee an accepted payment mode at their merchant PoS terminals. This would present a seamless payment option to the users and improve the operational efficiency of merchants with Pine Labs PoS terminals.”
