MobiKwik, Cred first non-banks to offer CBDC, launches e-rupee wallet

Fintech platforms MobiKwik and Cred on Tuesday rolled out an e₹ wallet for users on the platforms becoming the first non-banks to offer the central bank digital currency (CBDC).

Both the companies said the product was developed in collaboration with the Reserve Bank of India (RBI) and Yes Bank–which would function as the sponsor bank and enable CBDC issuance for Cred and MobiKwik.