Gurgaon, January 28, 2025 – MobiKwik (ONE MOBIKWIK SYSTEMS LIMITED), India’s largest digital wallet today announced that it has launched a full version of India’s Central Bank Digital Currency (CBDC) – e-rupee (e₹) in partnership with Reserve Bank of India (RBI) and Yes Bank.

MobiKwik is the first digital wallet to go live with a full-scale production version of the e-rupee (e₹) wallet, the new CBDC product is available to all its Android users. The e₹ wallet allows users to send and receive funds to other e₹ wallets as well as regular bank accounts via UPI; both peer-to-peer (P2P) and peer-to-merchant (P2M) transactions are supported. For example, a user can scan and pay on any UPI QR using e₹ as it is fully interoperable on UPI.

MobiKwik’s large base of existing full KYC users will immediately be able to open an e₹ wallet and load it from their bank account. New MobiKwik users will have to complete video KYC before they can open an e₹ wallet.

Currently, e-rupee (e₹) wallet has a daily transaction limit of Rs 50,000, per transaction limit of Rs 10,000, and currency denominations of 50 paise, ₹1, ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, and ₹500 are available in e-rupee.

Announcing the launch, Bipin Preet Singh, Co-founder and MD, MobiKwik said, “We expect that CBDC will make the Indian rupee digital and further expand the digital economy. e₹ transfers can be made to anyone with an e₹ wallet or UPI ID. Our goal is to drive the adoption of e₹ in India and move towards a less cash economy.”

Initially, RBI only permitted banks to offer access to digital currency but in April 2024 it said that it would allow non-banks to offer e-rupee (e₹)  transactions. Known for its product innovation DNA, MobiKwik was invited to participate in RBI’s CBDC project and has completed the rollout in record time. 

About MobiKwik

One MobiKwik Systems Ltd. (MobiKwik) is India’s largest digital wallet that offers a wide range of payments and financial products to both consumers and merchants.

The Company founded by Bipin Preet Singh and Upasana Taku in 2009, today offers various payment products such as MobiKwik Wallet, UPI, Pocket UPI, and Zaakpay (payment gateway) serving 167 Mn registered users and 4.40 Mn merchants. The Company has expanded into the distribution of financial products ranging from credit (MobiKwik ZIP, ZIP EMI), savings & investment (Fixed Deposits, Mutual Funds, Digital Gold, Lens.AI), and insurance products on its platform.

According to the RedSeer Report, as of Fiscal 2023, MobiKwik had the fourth-highest user base in India in terms of total registered users on the platform. MobiKwik was termed as one of the largest leading digital financial product and services platforms in India by registered users. MobiKwik is the largest digital wallet in India with a 23% market share of the PPI wallet gross transaction value (GTV) as of November 2024.

MobiKwik, listed on both the NSE and BSE in December 2024, remains committed to financial inclusion and the evolving needs of diverse consumer segments.

For more details, please visit our website: https://www.mobikwik.com/