MobiKwik becomes India's first fintech company to launch e₹ wallet
What's the story
In a historic move, MobiKwik has become the first fintech company in India to launch a Central Bank Digital Currency (CBDC) wallet, called e-rupee (e₹).
The pioneering effort was done in association with the Reserve Bank of India (RBI) and Yes Bank.
The e₹ wallet is available for all Android users of MobiKwik, enabling peer-to-peer (P2P) and peer-to-merchant (P2M) transactions.
Digital transition
A step toward digitizing Indian currency
The e₹ wallet is completely UPI compatible, enabling users to make payments by scanning any UPI QR code.
Existing MobiKwik users with KYC completed can open an e₹ wallet instantly, and transfer funds from their bank accounts.
New users need to undergo a video KYC process to avail this feature.
The wallet allows daily transactions up to ₹50,000, with a single transaction limit of ₹10,000.
Wallet features
e-Rupee wallet supports various denominations
The e₹ wallet supports denominations between ₹0.50 and ₹500, providing flexibility in transactions.
Bipin Preet Singh, Co-founder and Managing Director of MobiKwik, said, "The e₹ will help make the Indian rupee digital and boost the digital economy."
He added he hopes to drive its adoption across the nation and reduce cash dependency.
This comes after RBI's April 2024 decision to allow digital currency access to non-banking entities.
Company growth
MobiKwik's journey
Founded in 2009, MobiKwik is India's top digital wallet by market share with 167 million users and 4.4 million merchants.
The company went public in December 2024, and also offers financial products like credit and insurance.
MobiKwik was invited to join the RBI's CBDC project owing to its innovative approach and launched the service in record time.