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Google, Amazon, and Walmart are Expressing Interest in Participating in The RBI Digital Money Project

By Team VS
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GooglePay, PhonePe (supported by Walmart), and AmazonPay are three of the five payment companies vying to participate in the Indian central bank's digital currency trial.

These firms aim to facilitate transactions using the e-rupee, according to three sources closely involved in the ongoing discussions.

Cred and Mobikwik, both Indian fintech companies, have also submitted applications to participate in the test.

In December 2022, the Reserve Bank of India initiated a trial program for the e-rupee, which serves as a digital substitute for real currency.

Following an early increase, the number of e-rupee transactions has decreased, indicating the challenges that central banks around the world have encountered in promoting digital currencies.

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Google Pay and Amazon Pay are digital payment platforms provided by Alphabet Inc's Google and Amazon.com, respectively.

Payment companies are collaborating closely with the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI), the institution responsible for domestic payments. They are anticipated to provide access to e-rupee over the next three to four months, according to the sources.

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