One MobiKwik Systems Limited (MobiKwik), India’s largest digital wallet, has achieved a significant milestone by becoming the first fintech company to fully launch India’s Central Bank Digital Currency (CBDC), e-rupee (e₹). This launch has been made possible in partnership with the Reserve Bank of India (RBI) and Yes Bank.
MobiKwik’s e₹ wallet is now live for all Android users, allowing seamless digital transactions. The wallet supports peer-to-peer (P2P) and peer-to-merchant (P2M) transactions and is fully interoperable with UPI. Users can send and receive e₹ funds to other e₹ wallets as well as to regular bank accounts via UPI. This interoperability extends to scanning and paying on any UPI QR code using e₹.
Key features of the e₹ wallet
- Instant Activation: Existing MobiKwik users with full KYC can immediately open an e₹ wallet, while new users must complete video KYC to access it.
- Transaction Limits: The e₹ wallet allows a daily transaction limit of ₹50,000 and a per-transaction limit of ₹10,000.
- Digital Denominations: Users can transact using denominations ranging from 50 paise to ₹500.
Speaking about the launch, Bipin Preet Singh, Co-founder and MD of MobiKwik, said, “We expect that CBDC will make the Indian rupee fully digital and further expand the digital economy. Our goal is to drive the adoption of e₹ in India and transition towards a less cash-dependent economy.”
Initially, the RBI allowed only banks to offer CBDC access. However, in April 2024, non-banking entities were permitted to facilitate e₹ transactions. Known for its innovative approach, MobiKwik was selected to participate in RBI’s CBDC initiative and completed the rollout in record time.
