⚡️ India🇮🇳: fintech platform CRED launches INR Wallet (in digital rupees) in partnership with the Central Bank

⚡️ India🇮🇳: fintech platform CRED launches INR Wallet (in digital rupees) in partnership with the Central Bank

This is a beta version that allows CRED users to make payments to bank accounts linked to the unified payments interface UPI. It's important to note that, to date, the RBI's Central Bank Digital Currency (CBDC) is a legal method of payment in the retail segment.

▶️ Yes Bank (similar to the Brazilian EBANX🇧🇷) was the first sponsoring bank.

▶️ To send/receive money, users must first complete a video-KYC and then create (and load) their wallets in e₹ via UPI.

▶️ The wallet will support transactions of up to 10,000 rupees (114.2 USD), with a daily transaction limit of 50,000 rupees (571 USD). Transactions under 500 rupees will not require a PIN.

▶️ The complete solution will be available in a few months.

#news #India

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