Digital wallet MobiKwik (One MobiKwik Systems Limited) has launched the Central Bank Digital Currency (CBDC) wallet, e-Rupee (e₹). For this, MobiKwik has partnered with the Reserve Bank of India (RBI) and Yes Bank.
MobiKwik is the first digital wallet to introduce the full version of e-Rupee. The e-Rupee wallet is now available to all Android users of MobiKwik. It allows seamless peer-to-peer (P2P) and peer-to-merchant (P2M) transactions. This article provides complete information about MobiKwik’s e-rupee wallet, its features, and benefits.
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Users Can Scan UPI QR Codes with Mobikwik e-Wallet
Mobikwik e-wallet users can now make payments by scanning any UPI QR code. The wallet is fully interoperable with UPI. New users must complete a video KYC before opening an e-rupee wallet.
Currently, the daily transaction limit in the e-Rupee wallet is Rs 50,000, while the per-transaction limit is Rs 10,000. The available currency denominations include 50 paise, Rs 1, Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, and Rs 500.
#OneMobikwik inks pact with #RBI & #YesBank to launch CBDC e-rupee.
For the latest news and updates, visit: https://t.co/by4FF5oyu4 pic.twitter.com/py5FFWRbh9
— NDTV Profit (@NDTVProfitIndia) January 28, 2025
What is e-Rupee?
The e-Rupee, also known as e₹ or e-RUPI, is a digital version of cash issued by the Reserve Bank of India (RBI). It holds the same value as physical currency, with 1 digital rupee equaling Rs. 1.
The retail e-Rupee (CBDC-R) is a digital version of cash and is issued in the same denominations as current banknotes and coins. You can use it for transactions through a digital wallet or UPI. It can be used for payments, storing value, and making various transactions. E-Rupee works as a prepaid voucher sent via SMS or QR code to the beneficiary’s mobile phone. The beneficiary can redeem the voucher at merchants accepting UPI e-prepaid vouchers without needing a card, payment app, or Internet banking. The transaction is authorized using a verification code.
e₹ is stored in a wallet on MobiKwik App. Load this wallet using UPI from your bank. You can send to anyone who has a e₹ wallet or send to bank account using UPI. It’s fully interoperable with UPI. pic.twitter.com/zEGSy8p2Vu
— Bipin Preet Singh (@BipinSingh) January 28, 2025
What Did the Company’s MD Say?
MobiKwik MD Bipin Preet Singh said, “We believe CBDC will help digitize the Indian Rupee and accelerate the growth of the digital economy. Our goal is to expand the use of e-Rupee in India and move towards a less-cash economy.”
Fintech major @MobiKwik has become the first fintech to roll out a full-scale Central Bank Digital Currency (CBDC) wallet, e-rupee (e₹), in collaboration with the Reserve Bank of India (RBI) and Yes Bank.🤝
🔺Earlier today, Cred founder Kunal Shah announced the launch of the… pic.twitter.com/xvSAezpgjI
— Inc42 (@Inc42) January 28, 2025
MobiKwik’s Financial Performance in the September Quarter
In July-September 2024, One Mobikwik Systems Limited reported a loss of Rs 3.59 crore, compared to a profit of Rs 6 crore in the same quarter last year. The total income of the company rose to Rs 294 crore in September 2024, up from Rs 207 crore in July-September 2023. Meanwhile, the total expenditure increased to Rs 287 crore, compared to Rs 196 crore in the same quarter of FY 2023-24.
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This article discusses: E-Rupee via UPI: MobiKwik Launches New Payment System, Pay Up to Rs 50,000 Daily