Particle.news
Download on the App Store
3 ARTICLES
·
2mo ago

Mintoak Completes India's First E-Rupee Deal with $3.5 Million Digiledge Acquisition

The PayPal-backed startup aims to enhance CBDC payment services for partner banks after acquiring fintech firm Digiledge.

An Indian one rupee coin is seen in this picture illustration taken in Mumbai April 30, 2012. REUTERS/Vivek Prakash/File Photo
In December 2022, the Reserve Bank of India (RBI) had started a pilot for the CBDC, also known as the e-rupee; Basically a digital alternative to physical currency.
Image

Overview

  • Mintoak, a Mumbai-based merchant payment services provider, has acquired Digiledge for approximately $3.5 million, marking India's first acquisition in the central bank digital currency (CBDC) space.
  • Digiledge specializes in CBDC and bill payment services, and this deal will allow Mintoak's partner banks, including HDFC Bank, Axis Bank, and SBI, to offer expanded CBDC payment solutions.
  • The Reserve Bank of India launched a pilot for the e-rupee, a digital alternative to physical currency, in December 2022, later expanding it to payment firms in April 2024.
  • Major fintech platforms such as Google Pay, PhonePe, and Amazon Pay have expressed interest in joining the e-rupee pilot program.
  • Globally, central banks remain divided on CBDCs, with some delaying plans while others move forward to maintain control over monetary systems.