PayPal-backed ecommerce firm Mintoak acquires Indian CBDC startup for $3.5m

Paypal and Mintoak supported by HDFC Banked have acquired digitalis in an agreement of $ 3.5 million, marking the first acquisition in the digital currency of the central bank in India.

Mintoak, a Indian The electronic commerce startup which facilitates the payments of the merchants, acquired digitalis in an agreement worth around 3.5 million dollars, marking the first acquisition in India CBDC zone, reuters, A learnedciting sources nearby.

With Digilege, specializing in CBDC payments and invoices, Mintoak – HDFC Bank, Axis Bank and SBI – Partner Banks – could offer payment solutions in E -RUPEE, the form of CBDC in India. With the acquisition, the CEO of Mintoak, Raman Khanuja, said that the company wishes to facilitate the growth of merchant buyers and to help more small and medium -sized businesses to access digital tools and financial services.

The Central Bank of India, the Reserve Bank of India, launched its electronic rupee pilot in December 2022. At first, only banks could use it, but the scope extended to payment companies in April 2023.

The adoption of electronic roupire was slow, with the RBI statement 1 million retail transactions by the end of June 2024, a step adapted only after local banks have introduced incentives and salaries of partially remunerated employees using the digital currency issued by the State.

The RBI had previously urged banks to increase transactions to at least 1 million per day by the end of 2023 to test the scalability of the system. However, this push has since stopped, casting a doubt about the future of the digital currency initiative because of the gap between incentive measures and the real adoption of users.