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Friday, 14th February 2025

MobiKwik Launches India’s First Full-Scale e₹ Wallet, Revolutionizing Digital Payments

By Rupa Das -
  • Updated
  • :
  • 28th January 2025,
  • 7:18 PM

MobiKwik has made history by launching India’s first full-scale Central Bank Digital Currency (CBDC) wallet. The digital wallet is powered by the Reserve Bank of India (RBI) and Yes Bank. This marks a significant milestone in India’s journey towards a cashless economy. Read More: Canara Bank To Introduce Loan Against Mutual Funds From April 1 Key Features Of e₹ Wallet The e₹ wallet is available for Android users and comes with several important features. Users can now perform peer-to-peer (P2P) and peer-to-merchant (P2M) transactions seamlessly. The wallet also supports interoperability […]

MobiKwik Launches India’s First e₹ Wallet

MobiKwik Launches India’s First e₹ Wallet

MobiKwik has made history by launching India’s first full-scale Central Bank Digital Currency (CBDC) wallet. The digital wallet is powered by the Reserve Bank of India (RBI) and Yes Bank. This marks a significant milestone in India’s journey towards a cashless economy.

Read More: Canara Bank To Introduce Loan Against Mutual Funds From April 1

Key Features Of e₹ Wallet

The e₹ wallet is available for Android users and comes with several important features. Users can now perform peer-to-peer (P2P) and peer-to-merchant (P2M) transactions seamlessly. The wallet also supports interoperability with UPI, allowing users to send and receive funds to other e₹ wallets and even to regular bank accounts. Transactions can also be made by scanning UPI QR codes.

The e₹ wallet offers the following key features:

  • Instant Activation: Existing MobiKwik users with full KYC can instantly open an e₹ wallet. New users must complete video KYC to access the wallet.
  • Transaction Limits: The daily transaction limit is ₹50,000, while the per-transaction limit is ₹10,000.
  • Digital Denominations: The wallet supports transactions in denominations ranging from ₹0.50 to ₹500.

Impact On Digital Payments

The launch of MobiKwik’s e₹ wallet is set to transform the digital payments landscape in India. This initiative aligns with the government’s push for a less cash-dependent economy. With the e₹ wallet, users can now engage in digital transactions using the digital version of the Indian Rupee.

MobiKwik aims to drive the widespread adoption of the e₹ wallet and contribute to the expansion of India’s digital economy. According to Bipin Preet Singh, Co-founder and MD of MobiKwik, the introduction of CBDC will make the Indian rupee fully digital and accelerate the transition towards a cashless society.

A Fast-Tracked Rollout

Initially, only banks were allowed to offer CBDC services. However, in April 2024, the RBI opened up this opportunity to non-banking entities. MobiKwik, known for its innovative approach, was selected to be a part of this initiative. The company completed the e₹ wallet rollout in record time, further demonstrating its ability to adapt to emerging trends in the digital finance sector.

The launch of the e₹ wallet by MobiKwik is a major development in India’s financial ecosystem. By offering a fully functional CBDC wallet, the company is setting a new standard for digital payments in the country. Thus with its easy access, transaction limits, and interoperability with UPI, MobiKwik’s e₹ wallet is expected to play a key role in the future of digital currency in India.

Read More: New FD Schemes Launched In 2025: Attractive Interest Rates From Top Banks

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