Kochi Metro Accepts Payments via CBDC

    Simar Marwaha
    Simar Marwaha
    Published on March 12, 2023 04:55 AM

    Being the first metro in the nation to use the e-rupee, which is now seen as the money of the future, is something to be proud of for Kochi Metro.

    Kochi Metro Accepts Payments via CBDC
    Source: Unsplash

    Kochi Metro has begun accepting the digital currency in its parking facilities as part of a campaign to promote the Central Bank Digital Currency (CBDC). The initiative was launched on Friday at the Thykoodam parking facility, and it will soon be used in all other Metro parking lots.

    Kochi Metro is the first Metro in the nation to accept CBDC, according to Kochi Metro Rail Ltd (KMRL) authorities. The initiative was launched in collaboration with the technology firm Anantham Online and IDFC FIRST Bank. The Reserve Bank of India's pilot program served as the foundation for this project. CBDC for retail users has just been launched, according to RBI.

    On Friday, March 10, KMRL MD Loknath Behera officially launched the initiative at the Thykoodam Metro station. According to KMRL, the effort will enable Metro customers to make payments using their individual Bank's CBDC wallet and prevent the need to exchange currency.

    Cash-like retail payments will be the primary usage of the retail CBDC. It will be a digital rupee that represents legal tender that is minted in the same denominations as coins and paper money and distributed through middlemen like banks.

    India will probably announce a plan for regulating digital assets like cryptocurrencies and CBDCs. As the first of its sort in the nation, this act would positively affect crypto regulation in India as well.