CRED has introduced a beta version of its e₹ wallet, developed in partnership with the Reserve Bank of India (RBI) and YES BANK as the sponsor bank. This launch positions CRED as the first fintech platform to implement RBI’s Central Bank Digital Currency (CBDC), marking a significant step toward India’s sovereign digital currency vision. As the first sponsor bank to facilitate CBDC issuance for a Third Party Application Provider (TPAP) like CRED, YES BANK reinforces its commitment to driving digital payment innovation.
The CRED e₹ wallet blends the security of a sovereign-backed currency with CRED’s seamless payment experience. Whitelisted beta users can transact with UPI-linked bank accounts and send or receive money through other CBDC wallets. After completing video KYC, users can create and fund their wallets via UPI. The wallet allows transfers up to Rs 10,000 per transaction, with a Rs 50,000 daily limit and storage capacity of Rs 1 lakh, all while offering zero-cost merchant transactions. Future updates will introduce programmable merchant payments, CRED Pay integration, and PIN-less transactions below Rs 500, with full 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.”
