⚡️ 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 beta version allows CRED users to make payments to bank accounts linked to the Unified Payments Interface UPI. It’s important to note that, so far, the Reserve Bank of India's CBDC is a legally accepted payment method in the retail segment.

➡️ Yes Bank (similar to Brazil's 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 allow transactions of up to 10,000 rupees (114.2 USD), and the daily transaction limit will be 50,000 rupees (571 USD). For transactions under 500 rupees, entering a PIN will not be necessary.

➡️ The full solution will be available in a few months.

#news #India

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