CRED has launched a beta version of its e₹ wallet, developed in collaboration with the Reserve Bank of India (RBI) and YES BANK as the sponsor bank.
This makes CRED the first fintech platform to implement RBI’s Central Bank Digital Currency (CBDC).
The CRED e₹ wallet combines the trust and safety of a sovereign currency with the frictionless CRED payments experience. CRED members whitelisted for the beta can pay UPI-linked bank accounts, and send/receive money to other CBDC wallets.
With the launch of its beta version of the e-rupee wallet, all CRED members whitelisted for this can pay through UPI-linked bank accounts and send or receive money to other CBDC wallets. This can be done by completing video KYC, and users can create and load their e-rupee wallets via UPI.
After completing video KYC, users can create and load their e₹ wallets via UPI. The wallet supports transactions up to ₹10,000 per transfer (₹50,000 daily limit) and storage up to ₹1 lakh, with zero-cost merchant transactions.
Future updates will enable programmable merchant payments, CRED Pay integration and PIN-less transactions below ₹500, with access for all CRED members in the coming months.
Kunal Shah, founder, CRED, said, “The e₹ wallet is a milestone in India’s financial evolution. With the support of RBI, we’re enabling the creditworthy to shape the future of digital currency in the world’s fastest-growing economy. Our goal is to make e₹ transactions frictionless and drive its adoption among the most creditworthy Indians.”
In April 2024, the RBI in its monetary policy document proposed to make CBDC-Retail accessible to a broader segment of users in a sustained manner, by enabling non-bank payment system operators to offer CBDC wallets.
Acting as the sponsor bank, YES BANK facilitates the issuance of CBDC tokens from RBI to CRED, a Non-Banking Payment Service Operator (NBPSO).
Prashant Kumar, Managing Director & CEO, YES BANK, said, “YES BANK is proud to partner with CRED in this pioneering venture under RBI’s guidance. As the sponsor bank, we are committed to enabling secure and efficient integration of the e-rupee wallet, setting new benchmarks for digital payments in India.”
