Advertisment

CRED Rolls Out e₹ Wallet, Transforming Digital Transactions

Fintech News: CRED Rolls Out e₹ Wallet with RBI, becoming India’s first fintech to implement CBDC. Seamless digital payments are now a reality.

author-image
Manisha Sharma
New Update
image

image Photograph: (image)

Fintech platform CRED implemented the e₹ wallet beta version with development assistance from the Reserve Bank of India (RBI) using sponsorship support from YES BANK as the first partner bank. By integrating the RBI's Central Bank Digital Currency (CBDC) platform CRED has achieved the first fintech implementation of the system which drives India's digital currency development.

Advertisment

A New Era of Digital Currency

Users gain secure access to sovereign currency combined with CRED's straightforward payment interface through the e₹ wallet system. Selected beta testers from CRED's member community have access to UPI-linked bank payments for moving funds into their CBDC wallets. The feature requires users to finish video KYC before they can create and fund their e₹ wallets by using UPI.

Key transaction limits include:

Advertisment
  • A maximum of ₹10,000 per transaction
  • A daily limit of ₹50,000
  • A storage cap of ₹1 lakh in the wallet

Users get free merchant transactions now and future updates will bring programmable merchant payments as well as CRED Pay integration and PIN-less payments made below ₹500. The platform will add new functionality to reach more users.

According to Kunal Shah the Founder of CRED, the e₹ wallet marks a critical advancement in India's financial progression. Through RBI's backing, we intend to enable creditworthy users to take the lead in advancing digital currency adoption within the world's most rapidly growing economy. Sharing our ambition to transform e₹ transactions into simple processes where we will encourage universal adoption of digital payment systems through improvements in operational flow.

Advertisment

This development aligns with the RBI’s broader vision to reduce cash dependency, enhance financial inclusion, and accelerate digital payments. As part of its April 2024 monetary policy, the RBI emphasized expanding CBDC-Retail accessibility by involving non-bank payment system operators in wallet issuance.

Through this initiative, the RBI said the CBDC platform would test transactional stability for multiple channels while improving user accessibility options.

YES BANK’s Role in Enabling Digital Currency

Advertisment

YES BANK functions as the implementing financial institution by helping the RBI issue CBDC tokens to CRED, which is a major development for India's CBDC framework.

Extreme pride exists at YES BANK as Prashant Kumar the Managing Director & CEO affirmed this groundbreaking partnership under Reserve Bank of India guidance. Through our role as a sponsor bank, we will provide safe and effective integration of the e₹ wallet to serve as the cornerstone for digital payment progress in India.

A Step Towards India’s Digital Future

Advertisment

Through this platform, CRED has been leading in India's digital finance evolution. The e₹ wallet launch positions India as a leading force in worldwide digital finance whilst opening doors for wider adoption of CBDC systems.

The evolving fintech sector will find CRED's e₹ wallet central to transforming India's digital payment processes. Modern enhancements to its platform alongside CRED Pay integration constitute new measures to make CRED more dominant in the evolving digital economy.

Also Read: 

Advertisment

Top Generative AI Tools for Startups: Boosting Innovation and Growth

Generative AI: Top 10 Ethical Dilemmas You Need to Know

5 Best AI Website Builders for 2024

10 Best Free YouTube to MP3 Converters in 2024