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IDFC First Bank and ToneTag partner to launch CBDC payments

February 06, 2023

IDFC First Bank and ToneTag partner to launch CBDC payments
IDFC FIRST Bank joined hands with ToneTag, a global proximity and voice tech solution provider to enable acceptance of digital rupee at merchant outlets. The partnership follows a pilot program launched by the Reserve Bank of India (RBI). RBI, recently announced the launch of Central Bank Digital Currency (CBDC) for retail users.

This initiative is in its first phase of implementation with four banks, including IDFC FIRST Bank. The initiative involves issuing the currency in the same denominations through financial intermediaries and distributing them through a digital wallet provided by participating banks.

Madhivanan Balkrishnan, Chief Operating Officer (COO) IDFC FIRST Bank said, “This solution will change how merchants transact, and IDFC FIRST Bank is a proud partner in this collaboration. Digitization of cash payments is one more step in making transactions easier for our customers. As a bank that firmly believes in ‘Customer First’ approach this initiative aligns well with the same.” Tone Tag offers sound-based contactless payments, location-based services, and proximity-based customer engagement services, amongst others.

By June this year, Indonesia’s Ministry of Trade aims to launch a national crypto exchange. The country’s earlier target was to launch this by December.

At the opening of Crypto Literacy Month in Jakarta, Indonesia’s Trade Minister shared the new target launch date. According to Coin Telegraph,  he informed that government is currently reviewing which companies meet their criteria to become part of the exchange.

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