CRED has unveiled a beta version of its e₹ wallet, developed in collaboration with the Reserve Bank of India (RBI) and YES BANK as the sponsor bank. With this launch, CRED becomes the first fintech platform to implement RBI’s Central Bank Digital Currency (CBDC), reinforcing India’s sovereign digital currency aspirations. YES BANK’s role as the sponsor bank highlights its dedication to fostering innovation and advancing the digital payments ecosystem.
The CRED e₹ wallet blends the security of sovereign currency with CRED’s streamlined payment experience. Beta participants, chosen from CRED’s member base, can make payments to UPI-linked bank accounts and transfer funds to other CBDC wallets. After completing video KYC, users can create and load their e₹ wallets via UPI. The wallet allows transactions up to ₹10,000 per transfer, with a daily limit of ₹50,000 and a storage cap of ₹1 lakh. Merchant transactions are free, and future updates will introduce programmable merchant payments, CRED Pay integration, and PIN-less payments for transactions under ₹500. Wider member access is anticipated in the coming months.
Kunal Shah, founder of CRED, remarked, “The e₹ wallet represents a significant leap in India’s financial evolution. With RBI’s support, we aim to empower the creditworthy to lead the adoption of digital currency in the world’s fastest-growing economy. Our vision is to make e₹ transactions seamless and foster widespread adoption.”
This initiative is poised to revolutionise India’s economic landscape by reducing cash circulation, fostering financial inclusion, and accelerating digital adoption. It also cements India’s leadership in global digital finance.
In April 2024, the RBI outlined its plan in the monetary policy document to expand CBDC-Retail accessibility by involving non-bank payment system operators for wallet issuance. The RBI emphasized, “This initiative will enhance user access and provide broader choices while testing the CBDC platform’s resilience for multi-channel transactions.”
YES BANK, acting as the sponsor bank, enables the issuance of CBDC tokens from RBI to CRED, marking a crucial milestone in India’s CBDC framework.
Prashant Kumar, Managing Director & CEO, YES BANK, stated, “YES BANK is proud to collaborate with CRED in this groundbreaking venture under RBI’s guidance. As the sponsor bank, we are committed to ensuring secure and efficient integration of the e₹ wallet, setting new standards for digital payments in India.”
