Kochi Metro has begun accepting the digital currency in its parking facilities as part of a campaign to support the Central Bank Digital Currency (CBDC). The initiative was launched on Friday at the Thykoodam parking facility, and it will soon be implemented in all other Metro parking lots.
Kochi Metro is the first Metro in the nation to take CBDC, according to Kochi Metro Rail Ltd (KMRL) authorities. The initiative was launched in collaboration with the technology startup Anantham Online and IDFC FIRST Bank. The Reserve Bank of India’s pilot program served as the foundation for this effort. CBDC for retail customers has just been launched, according to the RBI.
At Thykoodam Metro, KMRL MD Shri Loknath Behera launched the initiative.
According to KMRL, the move would enable Metro users to make payments using their respective Bank’s CBDC wallet and prevent the need to exchange cash. Cash-like store payments will be the primary use of the retail CBDC. It will be a digital rupee that represents legal tender in the shape of a token, released in the same denominations as coins and paper money, and distributed through middlemen like banks.
The fact that Kochi Metro is the first organisation in the nation to use the e-rupee, which is currently seen as the currency of the future, is something to be proud of.