Reliance General first insurer to accept eRupee

Reliance General Insurance has become the first company to start accepting premium payments in eRupee - or the central bank digital currency (CBDC) - through a partnership with Yes Bank.

Customers with an active eRupee wallet with any bank can scan Reliance General Insurance's eRupee QR code to make immediate payments. Reliance General Insurance is a subsidiary of Reliance Capital.

Earlier, Reliance Retail had signed up with payment company Innoviti to accept eRupee payments at scale in their retail outlets.

The launch of eRupee as a form of digital currency transaction option will provide customers with an easy, safe, instant, and green payment solution, the company said. eRupee is a digital token equivalent to a banknote, legal tender, and a sovereign currency backed by the RBI. The use of eRupee as a mode of payment removes all the issues of handling physical cash and offers the same anonymity as a banknote.

"With this launch, we wanted to provide our customers with greater ease, higher safety, and more green payment options. Furthermore, this launch is also in line with our commitment towards fulfilling the Government of India's vision of Digital India," said Rakesh Jain, CEO, Reliance General Insurance.

Currently, Reliance General Insurance's physical eRupee QR code is available at their select branches for walk-in customers to scan and pay instantly. The company plans to make it available at all branches nationwide, on its website, and on the Reliance Self-i app in the next few months.