In a first, Anand Mahindra buys fruit using India’s digital currency ‘e-rupee’; shows how it works
The Reserve Bank of India launched the pilot program for its first digital currency, the ‘e-rupee,’ on 1 December, 2022. ‘e-R’ is a digital token representing legal tender in India. Moneycontrol.
New Delhi: Business tycoon Anand Mahindra recently used India’s digital currency– the ‘e-rupee’ or ‘e-R,’ to buy fresh fruit from a local vendor. The Mahindra & Mahindra chief then went on to share a video showing “how it works” on microblogging site Twitter.
The industrialist bought pomegranates from the vendor and settled the payment with digital money. He also informed that Bachche Lal Sahani, a local fruit seller, happened to be one of the first merchants to accept ‘e-rupee’ transactions.
Captioning the video, Anand Mahindra wrote that he learned about the digital currency, ‘e-rupee,’ at the Reserve Bank of India’s board meeting. To test it, the industrialist visited a local fruit seller, soon after he left RBI’s meeting.
At the Reserve Bank’s board meeting today I learned about the @RBI digital currency-the e-rupee. Right after the meeting I visited Bachche Lal Sahani, a nearby fruit vendor who is one of the first merchants to accept it. #DigitalIndia in action! (Got great pomegranates as well!) pic.twitter.com/OxFRWgI0ZJ
— anand mahindra (@anandmahindra) January 25, 2023
The Mahindra & Mahindra chief captured the whole process of buying fruit using the e-money payment system—a first of sorts. Later, he shared the video on Twitter to inform and show people on ‘how to use ‘e-rupee’ for everyday monetary transactions. The businessman also added a hashtag giving a shoutout to ‘Digital India’ in his post. Needless to say, the video soon went viral after its release on the social media platform.
What is RBI’s ‘e-rupee’?
The Reserve Bank of India launched the pilot program for its first digital currency, the ‘e-rupee,’ on 1 December, 2022. ‘e-R’ is a digital token representing legal tender in India. It is also denoted as ‘e-INR’ or ‘e-Rupee.’
The central bank will roll out the e-money in the same denominations as the current paper currency notes and coins. The retail ‘e-rupee’ transactions will be channelized through a digital wallet accessible on mobile phones and other devices.
Currently, digital money is being distributed through banking institutions. Owners can easily use ‘e-rupee’ for P2P and P2M transactions. They can also use QR codes displayed at supported merchant junctions to make safe payments to them.
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