Cred, MobiKwik Become First Fintech Firms to Offer RBI's CBDC E-Rupee Wallets
Cred and MobiKwik are the first fintechs to roll out RBI's E-Rupee wallets, sponsored by Yes Bank and supporting UPI-based P2P and merchant payments. Limits are set at Rs 50,000 daily and Rs 10,000 per transaction, with PIN-less payments below Rs 500 — expanding India's digital payment rails for retail.
What happened
Cred and MobiKwik become first fintech firms offering RBI's CBDC (E-Rupee) e-wallets, sponsored by Yes Bank, supporting UPI-based P2P and merchant payments —
Key facts
- Rs 50,000 daily limit
- Rs 10,000 per transaction
- PIN-less below Rs 500
- launched 2022
Why this matters
With Yes Bank sponsoring these fintech CBDC wallets, expect a wave of bank-fintech sponsorship partnerships to emerge as the go-to structure for CBDC distribution—scout sponsor-bank tie-ups and E-Rupee-ready wallet targets.
What to watch
- RBI announcement of additional non-bank CBDC issuers
- CBDC wallet MAU/transaction volume disclosures vs UPI baseline
- Changes to Rs50,000 daily / Rs10,000 txn limits
- Offline CBDC or programmable-money feature rollout
- Cashback/reward parity moves to spur CBDC usage
- Cred/MobiKwik push CBDC onboarding incentives to convert existing UPI users
- Rival fintechs (PhonePe, Paytm, Google Pay) fast-track sponsor-bank CBDC integrations
- Yes Bank and other sponsor banks expand fintech partnership pipeline
- Merchants offered PIN-less sub-Rs500 CBDC acceptance to reduce checkout friction