Cred, MobiKwik Become First Fintech Firms to Offer RBI's E-Rupee CBDC Wallets
Sponsored by Yes Bank, Cred and MobiKwik roll out RBI CBDC (E-Rupee) wallets supporting UPI-linked P2P and merchant payments, with programmable payment features planned. Limits set at Rs 50,000 daily and Rs 10,000 per transaction, with PIN-less payments up to Rs 500.
What happened
Cred and MobiKwik become first fintech firms to offer RBI CBDC (E-Rupee) wallets, sponsored by Yes Bank, supporting UPI-linked p2p and merchant payments with
Key facts
- Rs 50,000 daily limit
- Rs 10,000 per transaction
- Rs 500 PIN-less threshold
Why this matters
Yes Bank's sponsorship model creates a template for bank-fintech CBDC partnerships, opening acquisition and integration targets among wallet-ready players.
What to watch
- RBI raising or lifting the Rs 50,000 daily / Rs 10,000 per-txn limits
- Announcement of a first programmable payment use case (subsidy, corporate disbursal)
- UPI-CBDC interoperability milestones or friction points reported
- Second wave of fintech firms receiving CBDC wallet approval
- Any fraud, KYC, or offline-payment incident in early rollout
- Other large fintechs (PhonePe, Paytm, Google Pay) rush to secure sponsor-bank tie-ins to avoid being seen as laggards
- Cred/MobiKwik bundle CBDC with cashback or premium rewards to drive initial adoption despite lack of intrinsic user benefit
- Sponsor banks (Yes Bank and others) position themselves as CBDC infrastructure providers to fintechs, monetizing rails access
- RBI signals expansion of programmable payment pilots to attract more distribution partners