CRED Launches e₹ Wallet With YES Bank

Cred became the first fintech company to integrate RBI’s central bank digital currency by launching a beta version of its e-rupee (e₹) wallet.

YES Bank will sponsor the CBDC issuance for a third party application provider like CRED.

In April 2024, RBI announced to make CBDC-Retail accessible to a wide set of users in a phased manner via non-bank payment system operators to offer CBDC wallets. RBI said, “This is expected to enhance access and expand choices available to users apart from testing the resiliency of the CBDC platform to handle multi-channel transactions.”

Following the announcement, fintechs including PhonePe, AmazonPay, Google Pay, Mobikwik and CRED are set to join RBI’s digital currency pilot by offering transactions via the eRupee.

CRED’s e-rupee wallet supports transactions up to a maximum of ₹10,000 per transfer, while also having a daily transaction limit of ₹50,000, clocking a storage of ₹1 lakh. These transactions will not invite any costs.

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.”

All CRED members chosen for the beta version can pay through UPI-linked bank accounts and send or receive money to other CBDC wallets.

YES Bank is acting as a mediator to facilitate the issuance of CBDC tokens from RBI to CRED.

Prashant Kumar, Managing Director & CEO, YES BANK: “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.”