MobiKwik has become the first fintech company in India to launch a full-scale Central Bank Digital Currency (CBDC) wallet, known as e-rupee (e₹), in collaboration with the Reserve Bank of India and Yes Bank.
Launch of the E-Rupee
Current MobiKwik users who have completed their KYC can open an e₹ wallet instantly and transfer money from their bank accounts. New users are required to complete the video KYC process to access the feature.
Features of the e₹ Wallet
The e₹ wallet is available to all Android users and allows seamless peer-to-peer (P2P) and peer-to-merchant (P2M) transactions. Users can make payments by scanning a QR code, as the wallet is fully compatible with the Unified Payments Interface (UPI). It supports denominations from ₹0.50 to ₹500 and allows daily transactions of up to ₹50,000, with a per-transaction limit of ₹10,000.
Historical Significance and Prospects
MobiKwik co-founder and MD Bipin Preet Singh stated that the e₹ will digitize the Indian rupee, strengthen the digital economy, and decrease reliance on cash. Previously, only banks could handle digital currency, but in April 2024, the RBI allowed non-banking entities to participate. Founded in 2009, MobiKwik has 167 million users and 4.4 million merchants, making it India's largest digital wallet by market share.
The launch of MobiKwik's e₹ wallet marks a significant step forward in the digitization of the Indian rupee, offering new opportunities for users and strengthening the country's digital economy.