Google Pay, PhonePe, and Amazon Pay seek entry into RBI's digital rupee

GooglePay, Walmart-backed PhonePe and AmazonPay are among five payment firms seeking to join the Indian central bank's digital currency pilot by offering transactions via the eRupee, three sources directly involved in the discussions said.

Indian fintech firms Cred and Mobikwik are the other two that have applied to join the eRupee pilot, the sources added.

The Reserve Bank of India (RBI) started a pilot for the eRupee, a digital alternative to the physical currency, in December 2022. After an initial surge, eRupee transactions have declined, reflecting the struggle central banks globally have faced in popularising digital currencies.