CCAvenue has enabled one of India’s major private sector banks to process payments using digital rupee. Credit: Aakash Dhage on Unsplash.

CCAvenue, a payment gateway of India’s Infibeam Avenues, has undertaken central bank digital currency (CBDC) payments for the online retail merchants.

As part of the transaction, CCAvenue has enabled one of the country’s major private sector banks to process payments using digital rupee.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

It represents the first of its kind transaction carried out in India, according to the company.

The Government of India and the country’s apex bank aim to roll out the digital rupee in a bid to minimise the circulation of cash as well as reduce cash-related expenses, such as printing  of currency, fake currency issues, among others.

Besides, the Reserve Bank of India (RBI) has already selected eight banks for conducting a retail pilot project for CBDC in a phased manner.

Earlier this month, The Economic Times reported that RBI was weighing an option to expand the use cases of digital rupee in future pilot projects.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Infibeam Avenues executive director Vishwas Patel said: “CCAvenue has always strived to bring innovative payment solutions that cater to the changing needs of businesses in India be it first online Cards transactions in the country, first online Rupay debit card transaction, first Pin-on-glass solution on mobile for India, etc.

“RBI’s proactive efforts and exceptional regulatory framework have transformed the payment industry in the country and made India a global leader in payment innovation. CBDC, is a robust, efficient, trusted and legal tenderbased real-time payment option.

“This will be our first step in harnessing RBI’s most flexible and convenient payment method to generate exponential revenue opportunities for merchants.”

Furthermore, Infibeam plans to process CBDC payments for different banks as well as immediately onboard and activate new merchants.