India is Testing CBDC Fintech Wallet with Digital Rupee Pilot

by Ledger Insights 

Indian fintech app CRED is beta testing support for the digital rupee as part of India’s central bank digital currency (CBDC) trials, the Hindu Businessline reported. Another app, MobiKwik, said it is fully in production for Android users. Yes Bank is acting as sponsor bank for both fintechs to enable access to the CBDC.

Both wallets also support India’s UPI instant payment system, with CRED ranking as fifth largest app for UPI and MobiKwik as 17th. CRED has 13 million monthly active users and MobiKwik says its wallet has 167 million end users, but doesn’t mention how many of those are active.

Transaction limits for the CBDC are currently Rupee 10,000 ($115.50) and Rupee 50,000 ($578) per month. Read Full Article >