The first digital wallet to introduce a fully functional production version of India’s Central Bank Digital Currency (CBDC), the e-rupee (e₹), is the fintech company MobiKwik. All Android users can now access the e₹ wallet, which was created in partnership with Yes Bank and the Reserve Bank of India (RBI).

This debut comes after CRED’s beta release of its own e₹ wallet, which was created in collaboration with Yes Bank and RBI earlier this week.

The e₹ Wallet: What is it?
Through UPI, users of the e-wallet can send and receive money to other e-wallets as well as traditional bank accounts. Peer-to-peer (P2P) and peer-to-merchant (P2M) transactions are supported, and users can use e₹ to scan and pay at any UPI QR code, guaranteeing complete UPI interoperability.

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In contrast to new users who must first complete a video KYC, MobiKwik’s full-KYC users can open and fund an e-wallet instantaneously from their bank accounts.

Transaction Limits & Denominations
Daily transaction limit: ₹50,000
Per transaction limit: ₹10,000
Available denominations: 50 paise, ₹1, ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, ₹500

Leadership Remarks
Bipin Preet Singh, co-founder and MD of MobiKwik, announced the launch, saying: “We anticipate that CBDC will further develop the digital economy and make the Indian currency totally digital. Anyone with a UPI ID or an e-wallet can receive e-transfers. Our objective is to promote the use of e-money in India and shift the country’s economy away from reliance on cash.

Regulatory Evolution & MobiKwik’s Rapid Rollout
Initially, only banks were permitted to offer CBDC transactions, but in April 2024, RBI extended this to non-banking financial institutions (NBFCs) and fintechs. MobiKwik was invited to participate in the RBI’s CBDC project and has successfully rolled out the e₹ wallet in record time, according to the company.

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