Cred, backed by Tiger Global and Peak XV, and MobiKwik have launched central bank digital currency (CBDC) wallets, marking the entry of non-bank platforms into digital rupee transactions.
Initially, the Reserve Bank of India (RBI) had permitted only banks to offer access to the digital currency, but in April last year announced to include non-bank payment operators to expand the accessibility of CBDC.
Both the companies have partnered with Yes Bank that serves as the sponsor bank facilitating CBDC token issuance from the RBI to these wallets.
Cred has introduced a beta version of its e₹ wallet to select members while MobiKwik has rolled out the full version of its wallet to all Android users. This allows eligible users to send and receive funds through UPI-linked interfaces for peer-to-peer and merchant transactions.
“Our goal is to make e-rupee transactions frictionless and drive its adoption among the most creditworthy Indians,” Kunal Shah, founder of Cred, said.
Users need to complete video KYC to access the wallets, which have transaction limits of Rs 10,000 per transfer and Rs 50,000 daily. Wallets can store up to Rs 1 lakh.
The digital rupee (e₹) is the RBI’s official digital currency, functioning like physical cash with the backing of the central bank. Since its pilot launch in December 2022, 15 banks now offer CBDC wallets.
Other payment platforms, including PhonePe, Amazon Pay and Google Pay, are also seeking participation in the pilot.