Select CRED Members Can Now Participate in Shaping the Future of Money
New Delhi: CRED has launched a beta version of its e₹ wallet, developed in collaboration with the Reserve Bank of India (RBI) and YES BANK as the sponsor bank. This milestone makes CRED the first fintech platform to implement RBI’s Central Bank Digital Currency (CBDC), advancing India’s sovereign digital currency vision. YES BANK’s role as the first sponsor bank to enable CBDC issuance for a Third Party Application Provider (TPAP) like CRED exemplifies its commitment to driving innovation and supporting the future of digital payments.
Getting Started with CRED e₹ Wallet: The CRED e₹ wallet combines the trust and safety of a sovereign currency with the frictionless CRED payments experience. CRED members whitelisted for the beta can pay UPI-linked bank accounts, and send/receive money to other CBDC wallets.
After completing video KYC, users can create and load their e₹ wallets via UPI. The wallet supports transactions up to ₹10,000 per transfer (₹50,000 daily limit) and storage up to ₹1 lakh, with zero-cost merchant transactions. Future updates will enable programmable merchant payments, CRED Pay integration and PIN-less transactions below ₹500, with access for all CRED members in the coming months.
Pioneering India’s Digital Economy : 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.”
This groundbreaking initiative by RBI, along with CRED, will catalyse India’s economic vision, reducing cash in circulation, driving financial inclusion and digital adoption while strengthening India’s leadership in global digital finance.
In April 2024, the RBI in its monetary policy document proposed to make CBDC-Retail accessible to a broader segment of users in a sustained manner, by enabling non-bank payment system operators to offer CBDC wallets. In this, the 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.”
Acting as the sponsor bank, YES BANK facilitates the issuance of CBDC tokens from RBI to CRED, a Non-Banking Payment Service Operator (NBPSO).
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.”
CRED is the most rewarding payments platform for the affluent. With a mission to catalyse financial progress, CRED encourages financial prudence by enabling members with delightful payment experiences and rewards for good behaviour. Admission to CRED is based on credit scores for individuals. Download CRED on iOS and Android.
YES BANK is a full-service commercial bank providing a complete range of products, services, and technology-driven digital offerings, catering to retail, MSME, and corporate clients. YES BANK operates its investment banking, merchant banking, and brokerage businesses through YES SECURITIES, a wholly-owned subsidiary of the Bank. Headquartered in Mumbai, it has a Pan-India presence including an IBU at GIFT City and a Representative Office in Abu Dhabi.
