In joining hands with Yes Bank and the Reserve Bank of India (RBI), MobiKwik has become the first fintech company in India to introduce a comprehensive Central Bank Digital Currency (CBDC) wallet, e-rupee.

Accessible to MobiKwik’s android users, the e-rupee wallet facilitates peer-to-peer (P2P) and peer-to-merchant (P2M) transactions.

Compatible with the Unified Payments Interface (UPI), users can use e-rupee wallet to pay by scanning any UPI QR code.

Existing MobiKwik members can instantly open an e-rupee wallet once completing KYC and transfer money from their bank accounts. New users are required to complete a video KYC procedure to access its functionality.

The wallet is claimed to have a daily transaction limit of Rs.50,000 and a transaction limit of Rs.10,000. It accepts currencies between Rs.0.50 and Rs.500.

“The e-rupee will help make the Indian rupee digital and boost the digital economy. We aim to encourage its adoption across the country and reduce cash dependency," said Bipin Preet Singh, Co-founder and Managing Director of MobiKwik.

In April 2024, the RBI expanded access to non-banking companies from its initial restriction on banks handling digital money. Known for its creative thinking, MobiKwik was asked to participate in the RBI's CBDC project and quickly launched the service.

With 167 million users and 4.4 million businesses, MobiKwik, which was founded in 2009, holds the greatest market share among digital wallets in India. The business, which went public in December 2024, also provides insurance, savings accounts, and credit.

Mobikwik confirmed that this is an Android production launch for all Indians. Not a beta for a select group of whitelisted users. The business declared, "We are the first fintech to do a full launch of CBDC with RBI,"

The beta version of CRED's e-rupee wallet, which was created in partnership with the RBI and Yes Bank as the sponsor bank, was released earlier today.

CRED members who have been whitelisted for the beta can transfer funds to other CBDC wallets and bank accounts connected to UPI using the e-rupee wallet.