MobiKwik launches full version of CBDC e-rupee
MobiKwik launched India's CBDC, e-rupee, in partnership with RBI and Yes Bank, being the first digital wallet with a full-scale version. Available to Android users, it supports P2P and P2M transactions via UPI, with interoperability. Existing KYC users can immediately use it, while new users need video KYC. Limits are set at Rs 50,000 daily and Rs 10,000 per transaction, with various denominations available
image for illustrative purpose
New Delhi: MobiKwik, a digital wallet player, on Tuesday announced that it has launched a full version of India's Central Bank Digital Currency (CBDC) e-rupee 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 wallet, the new CBDC product is available to all its Android users, the company said in a statement.
The e-rupee wallet allows users to send and receive funds to other e-rupee wallets as well as regular bank accounts via UPI; both peer-to-peer (P2P) and peer-to-merchant (P2M) transactions are supported, it said. For example, a user can scan and pay on any UPI QR using e-rupee as it is fully interoperable on UPI, it said. "MobiKwik's large base of existing full KYC users will immediately be able to open an e-rupee wallet and load it from their bank account. New MobiKwik users will have to complete video KYC before they can open an e-rupee wallet," it said.
Currently, the e-rupee wallet has a daily transaction limit of Rs 50,000, per transaction limit of Rs 10,000, and currency denominations of 50 paise, Re 1, Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, and Rs 500 are available in e-rupee, it said.
Announcing the launch, Bipin Preet Singh, Managing Director of MobiKwik, said, "We expect that CBDC will make the Indian rupee digital and further expand the digital economy. e-rupee transfers can be made to anyone with an e-rupee wallet or UPI ID." 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 transactions.
