Cred Becomes First Fintech to Access RBI's Digital Currency Pilot

By siliconindia  |  Tuesday, 28 January 2025, 02:07:33 PM IST

Cred Becomes First Fintech to Access RBI's Digital Currency Pilot
Cred, an Indian fintech backed by Tiger Global and Peak XV, has become the first non-bank platform to offer access to India's central bank digital currency, e-rupee. The company announced this milestone , marking a significant step in the adoption of digital currencies in India.
The RBI initiated its pilot for e-rupee in December 2022 but restricted access only to banks. However, on April 2024, the RBI opened up this program to allow payment firms as well. Cred now becomes part of the league of companies including GooglePay, PhonePe, AmazonPay, and MobiKwik, who expressed interest in this digital currency.
The rollout will begin with a set of users selected to have access to the e-rupee wallet. As stated in the company statement, YES Bank will issue e-rupee tokens.
Kunal Shah, the founder of Cred, stated that the company's vision is to make e-rupee transactions frictionless and increase adoption among India's most creditworthy citizens. Though there was an initial surge in e-rupee transactions, the pace of adoption has since slowed down, a global phenomenon when it comes to CBDCs.
The entry of Cred into the digital currency space could be a precursor to the more widespread acceptance and integration of CBDCs in the country's financial ecosystem.

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