MobiKwik has made history by becoming the first fintech company in India to launch a full-scale Central Bank Digital Currency (CBDC) wallet, e-rupee (e₹), in collaboration with the Reserve Bank of India (RBI) and Yes Bank.
The e₹ wallet, now available to all Android users of MobiKwik, facilitates seamless peer-to-peer (P2P) and peer-to-merchant (P2M) transactions. Users can scan any UPI QR code to make payments using e₹, as the wallet is fully integrated with the Unified Payments Interface (UPI).
Existing MobiKwik users who have completed KYC verification can instantly open an e₹ wallet and transfer funds from their bank accounts. New users must complete a video KYC process to access the feature. The wallet allows transactions of up to ₹50,000 per day, with a ₹10,000 per transaction limit. It supports denominations ranging from ₹0.50 to ₹500.
“The e₹ will help digitize the Indian rupee and accelerate the digital economy. We aim to drive its adoption nationwide and reduce cash dependency,” said Bipin Preet Singh, Co-founder & MD, MobiKwik.
Initially, the RBI restricted digital currency access to banks, but in April 2024, it extended access to non-banking entities. MobiKwik, recognized for its innovative financial solutions, was invited to join the RBI’s CBDC initiative and launched the service in record time.
Founded in 2009, MobiKwik is India’s largest digital wallet by market share, boasting 167 million users and 4.4 million merchants. The company, which went public in December 2024, also provides financial services like credit, savings, and insurance.
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Clarifying the scope of the rollout, MobiKwik emphasised that this is a full-scale production launch for all Android users in India, not a beta release for a limited set of users. “We are the first fintech to execute a complete CBDC launch in partnership with RBI,” the company stated.
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