Cred e-Rupee Launched! Anyone Tried It Yet?

[Dr.Anand456Dr.Anand456 is verified member.]

Cred has recently introduced the Cred e-Rupee wallet.

Has anyone had the chance to try it yet? I've received an early access invitation and am curious about its features, benefits, and overall experience. If you've used it, please share your insights and thoughts below!

 

[kuchbhikuchbhi is verified member.]

i haven't seen anyone using e rupee yet

upi hi jeevan rao yapan ka sahara ban gyi hai

 

[knowbie]

Onboarding took multiple tries over 3 days. They do identify verification via Digi locker. Then eKYC and then Device binding.

It seems to be an eRupee wallet, similar to wallets provided most banks.

In terms of use case - well if they introduce interest on these wallet balances only then people will use these over UPI

 

[Dr.Anand456Dr.Anand456 is verified member.]

Onboarding took multiple tries over 3 days. They do identify verification via Digi locker. Then eKYC and then Device binding.

It seems to be an eRupee wallet, similar to wallets provided most banks.

In terms of use case - well if they introduce interest on these wallet balances only then people will use these over UPI

Yes, that's right. I also enrolled in it today. So far, I haven't found any significant use case for this virtual wallet. I haven't noticed any extra discounts or benefits either. Let's see if we get to see any benefits in the future.

 

[Pissant]

I only use erupee to buy crypto p2p

 

[Sobirvs]

I added 100 rs in erupee icici app like umm, 8-9 months back may be. Thought i might use it and see how it feels. 6 months, never found a merchant hence 1-2 months back transferred back to bank.

Now just yesterday I saw a chicken shop actually had e rupee QR saying they accept it lol

 

[_deb_]

RBI needs to promote e rupee and spread awareness. We don’t even know where to use this. UPI transaction is easier.

 

[Mr. BeanMr. Bean is verified member.]

Has anyone had the chance to try it yet?

I tried it today. Just like UPI, had to set a PIN (6 digits, though). We can use it just like UPI (wherever UPI is accepted), There are no perks of using e-rupee than UPI. Unlike UPI (where NPCI and individual banks are involved with PIN or PIN-less operation), with CBDC, it's RBI that takes care of PIN related actions (set, reset, authentication, etc).

On the receiver end, the receiver UPI ID is shown as credcbdc@drcred (name: CRED Digital) which is good for privacy, but bad for verifying a transaction on a busy shop as there could be multiple people paying the same amount. The merchant can't distinguish who sent it quickly. With UPI, the merchant receives the real name and UPI VPA (that may in turn include the mobile number), both could be verified easily by word of mouth. For more criticism on digital rupee, please check out https://wikipedia.org/wiki/Digital_rupee#Criticism

added 100 rs in erupee icici app like umm, 8-9 months back may be. Thought i might use it and see how it feels. 6 months, never found a merchant hence 1-2 months back transferred back to bank.

That's weird. UPI interoperability was added long ago. ICICI doesn't seem to have implemented the interoperability, yet. Here's the direct quote from... https://wikipedia.org/wiki/Digital_rupee#UPI_Interoperability

it will enable users to scan the existing UPI QR code and make payments using digital rupee

In general, it looks promising for some people. At least, RBI should allow loading CBDC using CC. 🤑

 

[kuchbhikuchbhi is verified member.]

@drcred

Doctor cred lol 🤣

 

[Strange]

Doctor cred lol 🤣

DR= Digital RuPee

 

[quino]

I tried it today. Just like UPI, had to set a PIN (6 digits, though). We can use it just like UPI (wherever UPI is accepted), There are no perks of using e-rupee than UPI.

On the receiver end, the receiver UPI ID is shown as credcbdc@drcred (name: CRED Digital)

is this valid only for cred's e-rupee or all bank's e-rupee has same privacy?

 

[Mr. BeanMr. Bean is verified member.]

is this valid only for cred's e-rupee or all bank's e-rupee has same privacy?

I haven't tested others. So, no idea.

Even with CRED, I stopped using after a couple of times as I had to connect to RBI servers (not individual bank's) each time I had to enter the PIN. The connection didn't establish on couple of occasions (before entering the PIN). So, stopped using it. CBDC is like how UPI was in early years, such as with connection related issues.

 

[quino]

I haven't tested others. So, no idea.

Even with CRED, I stopped using after a couple of times as I had to connect to RBI servers (not individual bank's) each time I had to enter the PIN. The connection didn't establish on couple of occasions (before entering the PIN). So, stopped using it. CBDC is like how UPI was in early years, such as with connection related issues.

do you know how incoming UPI works with this e-Rupee? would it be anonymous in that case too? what would be the incoming upi id?

 

[Mr. BeanMr. Bean is verified member.]

do you know how incoming UPI works with this e-Rupee? would it be anonymous in that case too? what would be the incoming upi id?

No incoming UPI ID, yet. It's one way. We can load the wallet and then pay via UPI. We are given a wallet ID (starting with 0x in hexadecimal format) that has no relation to UPI VPA.

 

[Riya]

Cred has recently introduced the Cred e-Rupee wallet.

Has anyone had the chance to try it yet? I've received an early access invitation and am curious about its features, benefits, and overall experience. If you've used it, please share your insights and thoughts below!

What exactly is the use of e-rupee when we already have upi system... It's rather simpler...
So many variants of transactions will rather increase confusion

Rupay card to abhi tak thik se accept nahi kara logo ne, e-rupee to dur ki baat hai

 

[Strange]

What exactly is the use of e-rupee when we already have upi system... It's rather simpler...
So many variants of transactions will rather increase confusion

Rupay card to abhi tak thik se accept nahi kara logo ne, e-rupee to dur ki baat hai

@Abhishek012 . .

 

[Abhishek012]

I added 100 rs in erupee icici app like umm, 8-9 months back may be. Thought i might use it and see how it feels. 6 months, never found a merchant hence 1-2 months back transferred back to bank.

Now just yesterday I saw a chicken shop actually had e rupee QR saying they accept it lol

E-rupee accepted on all UPI merchant.

i haven't seen anyone using e rupee yet

upi hi jeevan rao yapan ka sahara ban gyi hai

E-rupee linked with UPI.

 

[poseidon07]

absolutely 0 benefits of using e-rupee. Suggest you ignore it as people usually ignore cred overall 😛