Cred, a fintech platform based in India, has become one of the first non-bank entities to launch an e-rupee wallet in India.
This comes as part of the Bank of India’s (RBI) plan to promote digital currency as a form of sovereign money. According to reports, the beta version was launched today and is only available for selected users
The wallet is created with Yes Bank’s help and lets users send and receive money using a system linked to UPI. Users need to first complete a video KYC process before they can access it. It supports transfers of up to ₹10,000 per transaction, with a daily limit of ₹50,000, and stores up to ₹1 lakh at a time.
Kunal Shah, founder of Cred, shared his vision: “With the support of the RBI, we’re enabling the creditworthy to shape the future of digital currency in the world’s fastest-growing economy.” He also said the company’s “goal is to make e-Rupee transactions simple and encourage its adoption among our members.”
This wallet is designed to make it easy for people to use the currency. The e-Rupee itself works like cash but with the benefit of instant transfers and automatic payments. People can send money to one another or pay merchants without any extra fee
All this is made possible thanks to Yes Bank who played the role as the sponsor bank. It helps issue digital currency tokens from the RBI to Cred’s platform.
Prashant Kumar, CEO of Yes Bank, said, “We are proud to support the secure integration of the e₹ wallet as part of India’s growing digital economy.”
More features will be added to the wallet soon, including PIN-less payments for transactions under ₹500 and integration with Cred Pay. Over time, all Cred users will be able to use the wallet, making it available to a larger audience.
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