Cred, MobiKwik Become First Fintechs to Offer RBI's E-Rupee CBDC Wallets
Cred and MobiKwik have launched RBI's Central Bank Digital Currency (E-Rupee) wallets, sponsored by Yes Bank, supporting UPI P2P and merchant payments. Wallets carry a Rs 50,000 daily limit, Rs 10,000 per transaction cap, and PIN-less payments below Rs 500 — expanding CBDC access on India's payment rails.
What happened
Cred and MobiKwik become first fintechs to offer RBI CBDC (E-Rupee) wallets, sponsored by Yes Bank, supporting UPI P2P and merchant payments — relevant to India
Key facts
- Rs 50,000 daily limit
- Rs 10,000 per transaction
- PIN-less below Rs 500
- launched 2022
Why this matters
This bank-sponsored fintech CBDC model creates partnership and sponsorship-arrangement opportunities as RBI expands E-Rupee access, making Yes Bank-style enablement deals a template worth tracking for competitive positioning.
What to watch
- CBDC monthly active wallet and transaction-value disclosures from RBI
- Announcements of additional fintech-bank sponsorship pairs
- Any raise/removal of the Rs 50,000 daily or Rs 10,000 per-transaction caps
- Merchant acceptance expansion beyond QR pilot cities
- RBI guidance on programmable or offline CBDC features
- Expect PhonePe, Paytm, and Amazon Pay to seek CBDC wallet sponsorships from partner banks
- Sponsor banks (Yes Bank and peers) to expand fintech tie-ups to widen CBDC distribution
- Cred/MobiKwik to bundle CBDC with rewards/cashback to seed initial merchant transactions
- RBI to push offline and programmable CBDC features to differentiate from UPI