Cred, a Bengaluru-based fintech company backed by Tiger Global and Peak XV, has become the first fintech platform to offer access to India’s central bank digital currency (CBDC). The Reserve Bank of India (RBI) launched its e-rupee pilot in December 2022, initially limiting access to banks. On April 2024, RBI expanded the pilot to include payment firms, allowing Cred to facilitate e-rupee transactions through YES Bank.
Bengaluru-based fintech platform Cred, backed by Tiger Global and Peak XV, has become the first non-banking entity to offer access to India’s central bank digital currency (CBDC). The Reserve Bank of India (RBI) launched the e-rupee pilot in December 2022, initially allowing only banks to participate. However, in April 2024, the central bank opened the initiative to payment firms, enabling fintech platforms like Cred to facilitate digital currency transactions.
As part of this rollout, Cred users will be able to transact with e-rupee tokens issued into their wallets by YES Bank. The company plans a phased launch, initially providing access to a select group of users before expanding the service further.
India’s Digital Currency Race
The move positions Cred ahead of competitors like GooglePay, PhonePe, AmazonPay, and MobiKwik, who had also expressed interest in joining the RBI’s digital currency initiative. While the e-rupee saw an initial surge in transactions, adoption has slowed, reflecting global challenges in mainstreaming central bank digital currencies (CBDCs).
Cred’s founder Kunal Shah emphasized the company’s goal of making digital currency transactions “frictionless” and driving its adoption among India’s most creditworthy users.
With this development, India is taking a significant step toward a cashless economy, leveraging fintech partnerships to enhance digital financial infrastructure.
