Anand Mahindra buys fruits using India’s first-ever digital currency ‘e-rupee’; Shares video on twitter to show how it works

Industrialist Anand Mahindra recently used India’s digital currency, ‘e-rupee’ or ‘e-R,’ to buy fruits from a local vendor. The Mahindra & Mahindra spearhead has shared a ‘how it works’ video on Twitter, giving a glimpse of his fruit purchase using the e-money payment system.

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 business magnate visited Bachche Lal Sahani, a local fruit seller, right after departing from the meeting. The fruit seller is one of the first merchants to accept ‘e-rupee’ transactions.

Anand purchased pomegranates from the vendor and settled the payment with digital money. He captured the whole fruit purchase cycle and the swift payment settlement in a video. Later, he shared the video on Twitter to educate people on ‘how to use ‘e-rupee’ for everyday payments. The businessman added a hashtag promoting ‘Digital India’ in his post. The video went viral soon after its release on the social media platform.

About RBI’s ‘e-rupee’

The Reserve Bank of India launched the pilot program for its first digital currency, the ‘e-rupee,’ on December 1, 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. Only the digital wallets provided by banks involved in the RBI’s ‘e-rupee’ program will be able to use the digital currency.

Digital money is currently being distributed through banking institutions. Owners can easily use ‘e-rupee’ for P2P and P2M transactions. They can use QR codes displayed at supported merchant junctions to make safe payments to them.

FAQ

Q1. What is the name of the central bank of India?
Ans. The name of the central bank of India is ‘The Reserve Bank of India.’

Q2. Who will issue the ‘e-rupee?’
Ans. The Reserve Bank of India will issue and operate the digital currency.