Cred, an Indian company backed by Tiger Global and Peak XV, announced that it is the first fintech platform to offer access to the digital currency issued by the Indian central bank.An electronic version of the rupee, known as the e-rupee, was piloted by the Reserve Bank of India.
In April 2024, the central bank announced that it will let payment companies to conduct e-rupee transactions, after initially allowing only banks to offer access to the digital currency. Among the payment companies vying to participate in the digital currency experiment were Alphabet's GooglePay, AmazonPay, MobiKwik, and Walmart-backed PhonePe. According to the sources.
According to a statement from the company, Cred will grant access to its e-rupee wallet to a limited group of users, and YES Bank will handle the issuing of e-rupee tokens into the wallets.
"Our goal is to make e-rupee transactions frictionless and drive its adoption among the most creditworthy Indians,” Kunal Shah, the founder of Cred, said.
Despite an initial spike in e-rupee transactions, these have since decreased, illustrating the difficulty central banks around the world are having popularizing digital currencies.
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