Cred, MobiKwik First Fintechs to Offer RBI's CBDC (E-Rupee) Wallets
Cred and MobiKwik become the first fintech firms to launch RBI CBDC e-wallets, sponsored by Yes Bank. The wallets support UPI-linked P2P and merchant payments, with programmable merchant payments planned for Cred Pay—expanding digital rupee reach into merchant and retail checkout flows.
What happened
Cred and MobiKwik become the first fintech firms to offer RBI CBDC (E-Rupee) e-wallets, sponsored by Yes Bank, supporting UPI-linked p2p and merchant payments,
Key facts
- Rs 50,000 daily limit
- Rs 10,000 per transaction
- Rs 500 PIN-less threshold
Why this matters
Yes Bank's sponsorship of Cred and MobiKwik CBDC wallets creates a bank-fintech partnership template worth evaluating for M&A or alliance positioning in the emerging digital rupee ecosystem.
What to watch
- RBI disclosures on CBDC retail transaction volumes and active wallet counts
- Announcement of programmable payment go-live date on Cred Pay
- Additional fintech-bank CBDC partnerships approved by RBI
- Any interoperability mandate linking CBDC wallets across issuers
- Merchant MDR or incentive policy on CBDC vs UPI
- PhonePe/Paytm/Google Pay likely to secure sponsor-bank tie-ups to match CBDC wallet availability
- Cred to market programmable merchant payments to premium/subscription merchants as a UPI-plus feature
- Merchant acquirers to bundle CBDC acceptance into existing UPI/QR checkout stacks at near-zero switching cost
- Yes Bank to position itself as the go-to sponsor bank for fintech CBDC distribution