Two of the Largest Global Companies to Integrate India’s Digital Rupee

Google and Amazon are set to collaborate with the Reserve Bank of India on the e-rupee, a digital form of India's currency.

This partnership aims to incorporate the e-rupee into their payment platforms, aligning with BRICS nations’ efforts to decrease reliance on the US dollar and bolster their economic clout.

Since its launch in December 2022, India’s digital rupee project has primarily involved banks facilitating transactions through mobile apps. Recently, the Reserve Bank of India opened this capability to payment companies, prompting interest from major players like GooglePay, PhonePe, and AmazonPay. These platforms are preparing to support the e-rupee within the next few months, potentially revitalizing its adoption.

Google and Amazon’s entry into the e-rupee space is significant. Dominant in India’s digital payment market, their involvement is expected to enhance the e-rupee’s usage and drive technological advancements in digital currency.

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BRICS countries are actively seeking ways to enhance their global economic influence by reducing dependency on the US dollar. Integrating digital currencies like the e-rupee is a key part of this strategy. The collaboration with Google and Amazon could accelerate the adoption of the e-rupee, setting a precedent for other BRICS nations.

The integration of the e-rupee by leading tech companies underscores BRICS’ ambition to establish a new global trade paradigm, moving away from traditional fiat currencies. This strategic shift includes exploring digital assets and potentially considering Bitcoin as a global asset in the future.

Alexander Stefanov