 "In a first, Anand Mahindra buys fruit using India’s digital currency ‘e-rupee’; shows how it works")
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.
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. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook , Twitter and Instagram .