One Mobikwik Systems shines on launching full version of CBDC - e-rupee with RBI, Yes Bank

One Mobikwik Systems has launched a full version of India’s Central Bank Digital Currency (CBDC) - e-rupee (e₹) in partnership with the 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, and 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 and 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, the e-rupee wallet has a daily transaction limit of ₹50,000 and a per-transaction limit of ₹ 10,000. Currency denominations of 50 paise, ₹1,₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, and ₹500 are available in e-rupee.

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.

Bipin Preet Singh, Co-founder and MD of 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.”

One Mobikwik Systems is a platform business at its core. Its two-sided payment network consists of consumers and merchants. Shares of One MobiKwik Systems fell 15% below the listing price in the recent market correction. However, they currently trade a tad lower from the listing price at ₹425 apiece on the NSE.