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, with UPI-linked p2p and merchant payments. Limits include Rs 50,000 daily, Rs 10,000 per transaction, and PIN-less payments below Rs 500—expanding India's digital retail payment rails.
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
Key facts
- Rs 50,000 daily limit
- Rs 10,000 per transaction
- PIN-less below Rs 500
Why this matters
Yes Bank's sponsor-bank role for fintech CBDC wallets reveals a partnership template—evaluate bank-fintech distribution alliances to secure early positioning in India's digital currency ecosystem.
What to watch
- Monthly CBDC retail transaction volume and active wallet counts from RBI
- Announcement of additional fintech/bank CBDC partnerships
- Changes to Rs 50k daily / Rs 10k per-txn limits or PIN-less thresholds
- UPI-CBDC interoperability mandates or incentive schemes (MDR/subsidy)
- Yes Bank sponsor concentration or new sponsor banks entering
- Offline CBDC or programmable-payment pilots going live
- Cred/MobiKwik bundle CBDC wallets with cashback and rewards to seed initial usage
- Yes Bank scales sponsor-bank infrastructure; other banks court fintech partners
- PhonePe, Paytm, Google Pay evaluate CBDC wallet launches to defend rail position
- RBI raises transaction/daily limits or adds programmability once volumes prove out
- Merchant acquirers push CBDC acceptance at POS alongside UPI QR