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CRED launches e₹ wallet in collaboration with RBI

EntrackrEntrackr · 9m ago
CRED launches e₹ wallet in collaboration with RBI
Medial

CRED launches e₹ wallet in collaboration with RBI Fintech unicorn CRED has launched a beta version of its e₹ wallet, developed in partnership with the Reserve Bank of India (RBI) and YES BANK as the sponsor bank. This launch makes CRED the first fintech platform to implement RBI’s Central Bank Digital Currency (CBDC). The e₹ wallet integrates the security and reliability of a sovereign currency with CRED’s payment experience. It will allow members whitelisted for the beta program to pay UPI-linked bank accounts, as well as send and receive money to other CBDC wallets. To begin, users must complete video KYC to activate their e₹ wallets, which can then be loaded via UPI. The wallet supports transactions of up to Rs 10,000 per transfer, with a daily limit of Rs 50,000, and can store up to Rs 1 lakh. As per the company, merchant transactions come at zero cost. In the future, CRED will include features like programmable merchant payments, integration with CRED Pay, and PIN-less transactions below Rs 500. The company added that full access for all CRED members is expected in the coming months. Kunal Shah, founder of CRED, said, “The e₹ wallet is a milestone in India’s financial evolution. With RBI’s support, we’re empowering the creditworthy to shape the future of digital currency in the world’s fastest-growing economy. Our aim is to make e₹ transactions seamless and accelerate its adoption among India’s most creditworthy citizens.” This initiative aligns with the RBI’s vision to reduce cash circulation, promote financial inclusion, and strengthen India’s position as a global leader in digital finance. In its April 2024 monetary policy, the RBI emphasized making CBDC-Retail accessible to broader segments of users and enabling non-bank payment operators to offer CBDC wallets. The sponsor bank, YES BANK, will facilitate the issuance of CBDC tokens from RBI to CRED.

RBI introduces Offline CBDC; users can pay without internet

EntrackrEntrackr · 17d ago
RBI introduces Offline CBDC; users can pay without internet
Medial

In a groundbreaking leap for India’s digital payments ecosystem, the Reserve Bank of India (RBI) has unveiled the Offline Digital Rupee enabling users to transact without internet or even telecom connectivity. The new feature allows payments to be made with just a tap or with QR, effectively making digital money work as seamlessly as physical cash. Launched today at the Global Fintech Fest (GFF) 2025 in Mumbai, this marks a major milestone in the RBI’s Central Bank Digital Currency (CBDC) journey, positioning India as one of the first countries in the world to operationalize an offline version of a CBDC. Cash, but digital: India’s programmable CBDC goes truly offline. The offline feature was launched in collaboration with HDFC Bank, a key partner in the RBI’s pilot program. Visuals showcased at the event illustrated real-world use cases such as paying for tea in the Himalayas or making rural market purchases without connectivity. The rollout forms part of RBI’s Programmable Central Bank Digital Currency (PCBDC) initiative which not only allows offline transactions but also introduces programmability, enabling restrictions or specific use conditions on digital rupees for targeted schemes, subsidies, and corporate disbursements. Unlike UPI, which requires an active internet connection and routing through bank servers, Offline Digital Rupee transactions occur directly between two digital wallets using near-field communication (NFC) or other secure proximity technologies. The payment process is instant: users simply tap their phone or device to the receiver’s, and the value transfers from one wallet to another even in low or no network zones. Each transaction is executed in digital rupee denominations, with change automatically generated in the wallet, mirroring the behavior of physical cash. The RBI and participating banks say the offline CBDC will be cheaper and faster than UPI, as it eliminates intermediary switches, payment gateways, and network dependencies. While UPI revolutionized online payments, the offline digital rupee is poised to extend that revolution into the next frontier: payments without connectivity. The feature supports both Person-to-Person (P2P) transfers and Person-to-Merchant (P2M) payments, making it interoperable with existing UPI QR infrastructure. “This is not just a technological advancement, it's a foundational shift in how money can move in a connected and unconnected India,” said a senior banker on condition of anonymity. As India continues to set global benchmarks in digital finance, the Offline Digital Rupee could well inspire central banks worldwide to rethink the next generation of sovereign digital currencies.

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