The Reserve Bank of India started a pilot for the CBDC, a digital alternative to physical currency back in December 2022. In addition, in April 2024, the company also expanded the scope of transactions to payment firms, as the firm initially had limited it just to banks.
In addition, Mintoak has completed the acquisition of Digiledge, which specialises in CBDC and bill payment services, at a total of USD 3.5 million.
According to officials of the company, the deal is expected to enable Mintoak's partner banks, which include HDFC Bank, Axis Bank, and SBI, to offer more comprehensive and secure CBDC-related payment solutions to their clients and customers. In addition, the firm will also continue to focus on meeting the needs, preferences, and demands of users in an ever-evolving market while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
In addition, through the process of adding Digiledge's bill payments and CBDC capabilities, Mintoak is set to make it easier for merchant acquirers to grow and optimise the manner in which more small and medium enterprises (SMEs) get access to digital tools and financial services. The Indian startup will also focus on accelerating its development process through the integration of new, improved solutions, as well as providing customers with a more secure and optimised experience.
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