BRICS: Google and Amazon Are Betting Big on India's Digital Currency Project

Google and Amazon are showing a marked interest in the CBDC project of one of the leading BRICS nations. By partnering with the Reserve Bank of India, these tech giants seek to integrate the e-rupee, a digital version of the Indian currency, into their payment platforms. This initiative, beyond mere technological expansion, represents a significant advance for the BRICS’ ambitions to reduce dependence on the US dollar and strengthen their overall economic influence.

Google and Amazon are interested in the e-rupee

India’s digital currency project, focused on the e-rupee, is now attracting the attention of tech giants such as Google and Amazon. The Reserve Bank of India, a member of the BRICS alliance, launched this project in December 2022, and aims to offer a digital version of the physical rupee. Initially, only banks were authorized to offer e-rupee transactions via their mobile applications. However, in April, the Reserve Bank of India extended this possibility to payment companies, pending their approval.

This development has led GooglePay, PhonePe (backed by Walmart), and AmazonPay to express interest in joining this initiative. These payment platforms, widely used in India, are considering integrating the e-rupee into their systems in the next three to four months. According to sources close to the matter, this integration could revitalize the e-rupee, which has struggled to maintain its momentum since the beginning of 2023.

The support of Google and Amazon for the e-rupee is significant. These companies dominate the Indian digital payments market through their unified payment interfaces. Their participation could not only increase the adoption of the e-rupee but also stimulate innovation in the digital currency realm within the BRICS.

The integration of digital assets by the BRICS

The past year has been marked by a series of strategic initiatives by the BRICS aimed at strengthening their global economic position. In addition to their efforts to reduce dependence on the US dollar, the BRICS have explored various avenues to integrate digital assets into their financial systems. The idea of a central bank digital currency (CBDC) for a future unified BRICS currency has gained ground, with the goal of facilitating cross-border transactions and diminishing the influence of traditional fiat currencies.

The prospect of Google and Amazon joining this project adds a new dimension to these efforts. The e-rupee, as the first digital currency backed by a BRICS central bank, could benefit from this collaboration, thereby catalyzing wider and faster adoption. Sources indicate that these tech companies plan to launch access to the e-rupee on their platforms within three to four months, an initiative that could redefine the digital payments landscape in India and beyond.

The integration of the e-rupee by influential players like Google and Amazon represents a major advancement in the BRICS’ efforts to decrease the predominance of the US dollar in international transactions. By promoting the use of CBDCs and local currencies, the BRICS aim to establish a new paradigm for global trade. Some countries in the alliance are even considering Bitcoin as a potential future global asset, especially after the recent turbulence of the US dollar.