tl;dr
DC Wallet has partnered with AFC India Limited, a company owned by the Indian government, to promote the adoption of the digital rupee. The partnership aims to provide closed-loop wallet solutions to sectors such as agriculture, education, and travel, targeting over 200 million users. The initiative...
DC Wallet has partnered with AFC India Limited, a company owned by the Indian government, to promote the adoption of the digital rupee. This partnership aims to provide closed-loop wallet solutions to sectors such as agriculture, education, and travel, targeting over 200 million users. It also involves integrating DC Wallet with public and private sector banks to serve India’s unbanked and underbanked population, as well as offering cost-effective cross-border payments.
The initiative follows the Reserve Bank of India's successful test of the digital rupee on Ripple’s XRP ledger for institutional use cases in November and aligns with India's financial regulators' preference for the digital rupee over crypto assets, reflecting government support for the initiative. While specific investment amounts were not disclosed, the partnership has set ambitious goals for achieving widespread digital rupee adoption.
DC Wallet announced this partnership via a press release detailing the companies’ strategies and goals. The strategy spans to provide closed-loop wallet solutions to sectors such as agriculture, education, and travel, with a potential reach of over 200 million users. AFC will help integrate DC Wallet with public and private sector banks for India’s unbanked and underbanked population. The solution also offers cost-effective cross-border payments.
This partnership came after the Reserve Bank of India performed a test in late November, running the digital rupee on Ripple’s XRP ledger for institutional use cases. This experiment verified the CBDC’s security and efficiency, proving it could handle widespread usage. The next challenge is converting widespread users. The partnership is supported by Indian financial regulators, who have favored the digital rupee over crypto assets like Bitcoin and Ethereum.
DC Wallet’s press release did not mention any specific investment amounts, but the partnership has set ambitious goals for itself. Winning widespread digital rupee adoption in these unbanked and underbanked populations could prove a formidable challenge.