By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

News Junction

Notification Show More
Font ResizerAa
  • Home
  • World News
    World NewsShow More
    Did the US flinch first in tariff war with China? | Trade War News
    Did the US flinch first in tariff war with China? | Trade War News
    May 14, 2025
    Saudis use burgers to impress Trump (VIDEO) — RT World News
    Saudis use burgers to impress Trump (VIDEO) — RT World News
    May 14, 2025
    Sony shares rise in choppy trade as PlayStation maker announces .7 billion share buyback
    Sony shares rise in choppy trade as PlayStation maker announces $1.7 billion share buyback
    May 14, 2025
    U.S. to cut tariffs on small packages from China to as low as 30% – National
    U.S. to cut tariffs on small packages from China to as low as 30% – National
    May 14, 2025
    A book points to Biden’s decline and Democrats’ cowardice: 6 takeaways
    A book points to Biden’s decline and Democrats’ cowardice: 6 takeaways
    May 14, 2025
  • Business
    BusinessShow More
    Ukraine blows up bridges to consolidate its positions in Russia
    Ukraine blows up bridges to consolidate its positions in Russia
    August 18, 2024
    Commentary: AI phones from Google and Apple will erode trust in everything
    Commentary: AI phones from Google and Apple will erode trust in everything
    August 18, 2024
    The most famous Indian Dishes – Insights Success
    The most famous Indian Dishes – Insights Success
    August 18, 2024
    Life on the road as a female long rides cyclist
    Life on the road as a female long rides cyclist
    August 18, 2024
    UK inflation rises to 2.2%
    UK inflation rises to 2.2%
    August 18, 2024
  • Cryptocurrency
    CryptocurrencyShow More
    Ethereum retakes 10% control of crypto market, but ETH bulls shouldn’t celebrate yet
    Ethereum retakes 10% control of crypto market, but ETH bulls shouldn’t celebrate yet
    May 14, 2025
    Top South Korean presidential hopefuls support legalizing Bitcoin ETFs
    Top South Korean presidential hopefuls support legalizing Bitcoin ETFs
    May 14, 2025
    Ex-SEC Chair Gary Gensler privately supported crypto — McHenry
    Ex-SEC Chair Gary Gensler privately supported crypto — McHenry
    May 14, 2025
    Bitcoin Pepe nears .2M on Solana hype
    Bitcoin Pepe nears $8.2M on Solana hype
    May 14, 2025
    eToro prices IPO at , eyes Nasdaq amid shifting sentiment
    eToro prices IPO at $52, eyes Nasdaq amid shifting sentiment
    May 14, 2025
  • Technology
    TechnologyShow More
    How to Improve Your Spotify Recommendations
    How to Improve Your Spotify Recommendations
    August 18, 2024
    X says it’s closing operations in Brazil
    X says it’s closing operations in Brazil
    August 18, 2024
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    August 18, 2024
    Scientists Want to See Videos of Your Cat for a New Study
    Scientists Want to See Videos of Your Cat for a New Study
    August 18, 2024
    OpenAI’s new voice mode let me talk with my phone, not to it
    OpenAI’s new voice mode let me talk with my phone, not to it
    August 18, 2024
  • Entertainment
  • Sports News
  • People
  • Trend
Reading: India’s Digital Currency Pilot Could Include Amazon, Google
Share
Font ResizerAa

News Junction

  • World News
  • Business
  • Technology
  • Cryptocurrency
  • Trend
  • Entertainment
Search
  • Recent Headlines in Entertainment, World News, and Cryptocurrency – NewsJunction
  • World News
  • Business
  • Cryptocurrency
  • Technology
  • Entertainment
  • Sports News
  • People
  • Trend
Have an existing account? Sign In
Follow US
News Junction > Blog > Cryptocurrency > India’s Digital Currency Pilot Could Include Amazon, Google
India’s Digital Currency Pilot Could Include Amazon, Google
Cryptocurrency

India’s Digital Currency Pilot Could Include Amazon, Google

Published August 5, 2024
Share
4 Min Read
SHARE

Contents
Increasing Participation In The Digital Currency PilotWill The Tech Giants’ Presence Make An Impact?

Major internet and retail giants like Google, Amazon, and Walmart are showing a lot of interest in participating in the current pilot program for India’s Central Bank Digital Currency (CBDC), also known as the e-rupee, according to the Reserve Bank of India (RBI).

This latest development, according to a report by Reuters, is a demonstration of the popularity of digital currencies and the opportunity these businesses have to use their vast payment networks to advance the e-rupee’s adoption.

Beginning in December 2022, the e-rupee trial became exclusive to banks. But the RBI recently broadened the eligibility to include payment companies, so that services like PhonePe, Google Pay, and Amazon Pay may take part.

Between them, these businesses handle more than 85% of all digital currency payments made in India via the Unified Payments Interface (UPI), processing almost 13 billion transactions per month.

Increasing Participation In The Digital Currency Pilot

Expanding the test program was the right thing for RBI to do as part of its bigger plan to promote the e-rupee. The goal of this digital money project is to make financial deals safer and more efficient by turning them into digital files.

The action is also meant to guarantee that the digital currency is strong and dependable before its whole-scale use, therefore fostering public confidence in the new system.

Total crypto market cap at $1.77 trillion on the daily chart: TradingView.com

Expanding the pilot helps the RBI to collect more information and insights on the use cases of the e-rupee, thereby improving the efficiency of the payment system and pushing for wider financial inclusion throughout the nation.

State Bank of India, ICICI Bank, and HDFC Bank are participants in the pilot program. After incorporating key payment systems, the central bank anticipates an increase in transaction volumes, and growing user engagement with the digital money.

Digital wallets enable users to hold and transfer e-rupees like cash. The pilot initiative began in New Delhi and Mumbai then expanded to Hyderabad and Ahmedabad. The RBI plans to expand the e-rupee’s partner finance institutions and venues one step at a time.

Will The Tech Giants’ Presence Make An Impact?

Although the number of digital currency transactions peaked at over a million per day at first, the use has since decreased to an average of 100,000 to 200,000 each day. It is anticipated that the RBI’s move to include well-known payment companies would spark renewed interest in digital currency and encourage more people to interact with it.

The RBI has said that the pilot program will continue for a number of years and that it does not currently have plans to introduce the e-rupee on a large scale. This meticulous method ensures that the digital money is tested and enhanced before widespread usage.

Featured image from Live Science, chart from TradingView

#Indias #Digital #Currency #Pilot #Include #Amazon #Google

TAGGED:AmazoncurrencydigitalGoogleincludeIndiaspilot
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article From phones to porn-blocking outfits: Olympic athletes given high-tech swag for Paris 2024 | Science & Tech News From phones to porn-blocking outfits: Olympic athletes given high-tech swag for Paris 2024 | Science & Tech News
Next Article Five US states push Musk to fix AI chatbot over election misinformation Five US states push Musk to fix AI chatbot over election misinformation
- Advertisement -

Latest Post

Ethereum retakes 10% control of crypto market, but ETH bulls shouldn’t celebrate yet
Ethereum retakes 10% control of crypto market, but ETH bulls shouldn’t celebrate yet
Cryptocurrency
Did the US flinch first in tariff war with China? | Trade War News
Did the US flinch first in tariff war with China? | Trade War News
World News
Top South Korean presidential hopefuls support legalizing Bitcoin ETFs
Top South Korean presidential hopefuls support legalizing Bitcoin ETFs
Cryptocurrency
Saudis use burgers to impress Trump (VIDEO) — RT World News
Saudis use burgers to impress Trump (VIDEO) — RT World News
World News
Ex-SEC Chair Gary Gensler privately supported crypto — McHenry
Ex-SEC Chair Gary Gensler privately supported crypto — McHenry
Cryptocurrency
Sony shares rise in choppy trade as PlayStation maker announces .7 billion share buyback
Sony shares rise in choppy trade as PlayStation maker announces $1.7 billion share buyback
World News
- Advertisement -

You Might Also Like

144 TB SanDisk Professional G-RAID Shuttle 8 enterprise external hard drive now 38% off on Amazon
Trend

144 TB SanDisk Professional G-RAID Shuttle 8 enterprise external hard drive now 38% off on Amazon

August 17, 2023
Here’s How The Rising Stablecoin Supply Is Shaping Bitcoin’s Price Performance
Cryptocurrency

Here’s How The Rising Stablecoin Supply Is Shaping Bitcoin’s Price Performance

February 1, 2024
.2 Million In Stolen XRP Recovered By Binance Team
Cryptocurrency

$4.2 Million In Stolen XRP Recovered By Binance Team

February 3, 2024
HIVE Digital Technologies reports GAAP EPS of -alt=
Business

HIVE Digital Technologies reports GAAP EPS of -$0.57 and revenue of $114.47M

June 25, 2024

About Us

NEWS JUNCTION (NewsJunction.xyz) Your trusted destination for global news. Stay informed with our timely and accurate reporting on diverse topics, including politics, technology, science, entertainment, sports, and more. Count on us for unbiased and reliable updates at your fingertips.

Quick Link

  • About
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • Contact

Top Categories

  • World News
  • Business
  • Technology
  • Entertainment
  • Cryptocurrency
  • Sports News
  • Trend
  • People

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

    © 2023 News Junction.
    • Blog
    • Advertise
    • Contact
    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?