Amazon, Google, and Walmart-backed PhonePe are looking to join India’s central bank digital currency (CBDC) pilot, as the Reserve Bank of India (RBI) opens its initiative to non-bank payment firms. This move follows the RBI’s initial authorization for only Indian banks to facilitate e-rupee transactions.
AmazonPay, GooglePay, and PhonePe have expressed interest in the e-rupee, joining Indian fintech companies Cred and Mobikwik in the pilot. By late June, the RBI achieved 1 million retail transactions with the e-rupee, but this was driven by local banks offering incentives.
The standout feature is the broadening of participation to non-bank payment firms, potentially increasing user adoption and scalability. While only 1 million transactions were reported by June, the RBI had aimed for 1 million daily transactions by late 2023.
The strategic inclusion of major U.S. and Indian fintech firms underscores the long-term importance of digital currency in transforming India’s financial ecosystem.
