Kunal Shah, the founder of CRED, has officially launched the beta version of its e₹ wallet, in partnership with the Reserve Bank of India (RBI), marking a significant milestone for the country’s digital currency landscape.
This new development introduces India’s Central Bank Digital Currency (CBDC) to the fintech sector, positioning it as a game-changer for digital transactions. In an announcement on X, Shah described the CRED e₹ wallet as a “fundamental shift” in how money moves within India, highlighting its features such as instant and programmable transactions backed by the RBI.
The launch follows a 2024 proposal by the RBI to expand the accessibility of the CBDC, opening the door for non-bank payment operators, like CRED, to facilitate these transactions—something that was previously limited to banks. Currently, 15 banks, including major players like SBI, ICICI Bank, HDFC Bank, and Axis Bank, are offering CBDC wallets.
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India’s Digital Rupee, or e₹, operates similarly to physical currency but in a digital format. It offers the same benefits as physical cash—ease of use, RBI backing, and guaranteed settlement. The digital rupee can be used for receiving, sending money, and making payments, just like a traditional ₹ note.
CRED has partnered with YES BANK to launch the e₹ wallet, with YES BANK acting as the sponsor bank. The partnership will enable the seamless issuance of CBDC tokens from the RBI to CRED, a non-banking payment service operator. YES BANK’s MD and CEO, Prashant Kumar, expressed pride in the collaboration, stating that it would set new standards for digital payments in India.
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Currently, users who are whitelisted for the beta version can make payments to UPI-linked bank accounts and send or receive funds to other CBDC wallets. To get started, users must complete a video KYC process before they can load their e₹ wallets via UPI.
The wallet comes with a transaction cap of INR 10,000 per transfer (with a daily limit of INR 50,000), and the storage capacity is capped at INR 1 lakh. Additionally, merchant transactions made through the wallet will incur no fees.
