MobiKwik has launched a full version of India’s Central Bank Digital Currency (CBDC) – e-rupee (e₹) in partnership with Reserve Bank of India (RBI) and Yes Bank.
MobiKwik is the first digital wallet to go live with a full-scale production version of the e-rupee (e₹) wallet, the new CBDC product is available to all its Android users. The e₹ wallet allows users to send and receive funds to other e₹ wallets as well as regular bank accounts via UPI; both peer-to-peer (P2P) and peer-to-merchant (P2M) transactions are supported. For example, a user can scan and pay on any UPI QR using e₹ as it is fully interoperable on UPI.
MobiKwik’s large base of existing full KYC users will immediately be able to open an e₹ wallet and load it from their bank account. New MobiKwik users will have to complete video KYC before they can open an e₹ wallet.
Currently, e-rupee (e₹) wallet has a daily transaction limit of Rs 50,000, per transaction limit of Rs 10,000, and currency denominations of 50 paise, ₹1, ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, and ₹500 are available in e-rupee.
Announcing the launch, Bipin Preet Singh, Co-founder and MD, MobiKwik said, “We expect that CBDC will make the Indian rupee digital and further expand the digital economy. e₹ transfers can be made to anyone with an e₹ wallet or UPI ID. Our goal is to drive the adoption of e₹ in India and move towards a less cash economy.”
Initially, RBI only permitted banks to offer access to digital currency but in April 2024 it said that it would allow non-banks to offer e-rupee (e₹) transactions. Known for its product innovation DNA, MobiKwik was invited to participate in RBI’s CBDC project and has completed the rollout in record time.
