New Delhi: Fintech firm MobiKwik has introduced a full-scale Central Bank Digital Currency (CBDC) wallet, also known as an e-rupee (e₹) wallet, in collaboration with the Reserve Bank of India (RBI) and Yes Bank. With this launch, MobiKwik claims to be the first fintech to offer a fully functional e₹ wallet, expanding the use of RBI-backed digital currency beyond traditional banks.
MobiKwik’s E-Rupee Wallet and Its Features
MobiKwik’s e₹ wallet allows users to send and receive funds within the e₹ ecosystem and make payments to regular bank accounts through UPI. The wallet supports both peer-to-peer (P2P) and peer-to-merchant (P2M) transactions. Users can scan and pay at any UPI-enabled merchant using the e₹, as it is compatible with existing UPI infrastructure. Currently, the transaction limit for the wallet is set at Rs 50,000.
Existing MobiKwik users who have completed full KYC can access the e₹ wallet immediately, while new users must complete a video KYC process before activation.
Shortly after MobiKwik’s announcement, fintech unicorn CRED launched its own e₹ wallet in beta mode. CRED founder Kunal Shah called the move a significant shift in digital transactions, positioning the CBDC as an instant, programmable, and RBI-backed alternative to cash.
The RBI has been expanding CBDC accessibility beyond banks, allowing non-bank payment operators to participate in digital currency transactions. As of now, 15 banks, including SBI, ICICI Bank, HDFC Bank, and Yes Bank, offer CBDC wallets. The move is part of the RBI’s broader efforts to promote a cashless economy and integrate digital currency into everyday transactions.
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