Following this announcement, CRED members who have been whitelisted for the beta version will have the possibility to pay UPI-linked bank accounts. Furthermore, they will be enabled to send and receive money to other CBDC wallets.
In order to do this, customers will have to first complete video KYC and develop and load their e-INR wallets via UPI, while transactions of up to USD 115 (IRN 10,000) will be allowed by the wallet, and the daily limit for the same is USD 577 (IRN 50,000).
According to officials of the company, these new features will be available to all CRED users in the upcoming months. At the same time, for transactions below USD 5.77 (IRN 500), customers will not need to enter a PIN, a process that will speed up the payment for clients. This comes at a time when companies such as Google Pay, PhonePe, and Amazon Pay were also seeking entry into the RBI’s digital rupee as of August 2024.
Initially, only banks were permitted to issue CBDC, but RBI selected in February 2023 eight financial institutions to participate in the retail pilot project in phases. The banks include State Bank of India, ICICI Bank, Yes Bank, IDFC First Bank, Bank of Baroda, Union Bank of India, HDFC Bank, and Kotak Mahindra Bank. In April 2024, the RBI widened the overall scope of CBDC and allowed transaction firms to issue it as well.
In addition, with the support of RBI, CRED is expected to enable the creditworthy to shape and develop the digital currency in the world’s fastest-growing economy. The company’s goal is to make transactions frictionless and secure, as well as drive adoption among creditworthy Indians.
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