IDFC First Bank has partnered with Anantham Online, a technology startup focused in digital parking to enable acceptance of digital rupee at Kochi Metro’s parking locations. This initiative comes as a pilot program launched by the Reserve Bank of India.
RBI, recently announced the launch of Central Bank Digital Currency for retail users.
This initiative would help the Kochi Metro users to pay from their respective bank’s CBDC wallet and avoid exchanging cash. Currently CBDC is in the first phase of its implementation with four banks, including IDFC First Bank.
The parking use case of CBDC would open many similar avenues where digital rupee would be the perfect fit for small-value payments.
Loknath Behra, Managing Director, KMRL said that Kochi Metro is the first in the country to implement e-rupee. Our parking service provider Anantham Online and IDFC First Bank have come together to bring this remarkable endeavour.