Ho ho! Gather ’round, dear chaps and chapesses, for we’ve a jolly good yarn to spin about the Reserve Bank of India (RBI), that splendid institution which, in its infinite wisdom, hath decided to team up with Cred, a rather prominent fintech outfit, to sprinkle the magic dust of the e-Rupee onto the masses. Yes, you read that right! The e-Rupee, that digital darling, is no longer confined to the hallowed halls of public sector banks but is now ready to waltz into the lives of regular Joes and Janes.
Following a series of trials that kicked off in the latter half of 2022, the e-Rupee has finally spread its wings and is soaring into retail territory. Cred, with the backing of esteemed investors such as Tiger Global and Peak XV, has become the first non-bank player to join the party.
Cred Unveils Its e-Rupee Wallet: A New Fling in the Digital Romance 💌💸
In a bid to integrate the e-Rupee into its platform, Cred has launched a digital wallet for e-Rupee transactions, initially courting a select few customers. According to Kunal Shah, the man behind the curtain at Cred, “CRED e₹ wallet beta is live. Not just another fintech fling; CBDC is a fundamental shift in how India moves money: instant, programmable, RBI backed. Starting with select members soon on this exhilarating rendezvous.” Gratitude flows towards @RBI for their visionary leadership and continuing their streak of being…
Although the wallet is still in its beta phase, the company has confirmed that these lucky ducks can link their e-Rupee wallets with Unified Payments Interface (UPI) bank accounts, allowing them to send and receive transactions to and from other CBDC wallets with the grace of Fred Astaire and Ginger Rogers.
The wallet permits transactions up to Rs 10,000 per transfer, with a daily limit of Rs 50,000 and a total storage capacity of Rs 1 lakh. Plus, merchant transactions conducted through the e-Rupee wallet shall remain fee-free. How very gentlemanly!
The e-Rupee pilot began with the wholesale Central Bank Digital Currency (CBDC) in late 2022, and since then, the RBI has been gradually expanding the trial’s scope. In April 2024, the central bank began courting private payment firms like Cred in the testing of the retail CBDC. Quite the social butterfly, our e-Rupee!
The retail version of the e-Rupee will function much like other digital wallets in India, akin to UPI payments with services like Google Pay, PhonePe, and Amazon Pay. However, the e-Rupee’s secret sauce is its direct backing by the RBI, ensuring its stability and making it a potential mainstay in India’s burgeoning digital economy. It’s like having a trust fund, but in digital form!
India’s CBDC Affair: A Love Story Untold by Crypto 🌹🚫
While the world is abuzz with talk of cryptocurrencies like Bitcoin and Ethereum, India is setting its sights on CBDCs, the new love interest in town.
In a speech that could have been plucked straight from a romance novel, RBI Governor Shaktikanta Das waxed lyrical about the potential of CBDCs to revolutionize cross-border payments and improve the remittance process in India. According to him, India is one of the world’s largest recipients of remittances, with billions of dollars flowing in from the Indian diaspora. However, these cross-border transfers often come with high fees and slow processing times. Das envisions CBDCs as the knight in shining armor, streamlining these payments and making them faster, cheaper, and more efficient.
Despite India’s thriving crypto market, the government has shown a distinct lack of enthusiasm for private digital currencies. This stance was further underlined in consultations held last year, where regulators expressed concern over the volatility of assets like stablecoins. Concerns around the stability of stablecoins, especially after the collapse of TerraUST in 2022, have led officials to seek more secure alternatives. As a result, India is positioning CBDCs as the safer, more stable, and government-backed solution. It’s like choosing the reliable boyfriend over the bad boy!
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2025-01-28 18:50