India’s leading digital wallet provider, MobiKwik, has made history by becoming the first FinTech company to fully launch an e-rupee (e₹) wallet. This marks a significant milestone in India’s Central Bank Digital Currency (CBDC) adoption, in collaboration with the Reserve Bank of India (RBI) and Yes Bank.
Previously, only banks could facilitate digital currency transactions, but the RBI expanded access in April 2024 to include non-banking entities. Now, MobiKwik users can easily use e₹ for transactions just like digital cash.
What is e₹ (e-Rupee) and How Does It Work?
e₹, or the Central Bank Digital Currency (CBDC), is a digital version of India’s currency, issued and regulated by the RBI. It offers the benefits of digital transactions while maintaining the reliability of sovereign-backed legal tender.
MobiKwik’s e₹ wallet allows users to:
Send & Receive Money: Peer-to-peer (P2P) and peer-to-merchant (P2M) transfers.
Use UPI for Payments: Scan and pay via any UPI-enabled QR code.
Seamless Interoperability: Send e₹ to other digital wallets or bank accounts.
Instant Wallet Setup: Existing MobiKwik users with full KYC can activate e₹ instantly.
Video KYC for New Users: New users need to complete video KYC before using e₹.
e₹ Transaction Limits and Denominations
To ensure secure and controlled transactions, the e₹ wallet comes with specific limits and denominations:
Per Transaction Limit: Users can send or receive up to ₹10,000 in a single transaction.
Daily Transaction Limit: The total amount that can be transacted in a day is capped at ₹50,000.
Denominations Available: e₹ can be transacted in denominations ranging from 50 paise to ₹500, making it flexible for small and large transactions.
Why is This a Big Deal?
First FinTech to Fully Launch e₹ – MobiKwik is the first non-bank entity to offer a fully operational e₹ wallet.
Easier Digital Transactions – Users can now use e₹ for everyday payments, just like cash, but in digital form.
Supports India’s Cashless Economy Mission – The e₹ wallet aligns with India’s push towards a less-cash economy.
Improved Security & Transparency – Since e₹ is regulated by the RBI, it offers a secure and transparent digital payment alternative.
What’s Next for CBDC in India?
Apart from MobiKwik, CRED has launched a beta version of its e₹ wallet in collaboration with RBI and Yes Bank. CRED members who are whitelisted for the beta can send e₹ to UPI-linked bank accounts and other digital wallets.
With more FinTech companies likely to join the e₹ revolution, CBDC adoption is set to reshape digital payments in India.
Final Thoughts: Should You Use e₹?
If you’re a MobiKwik user, setting up an e₹ wallet is a great way to experience India’s digital currency future. It provides instant transactions, UPI interoperability, and RBI-backed security, making it an efficient alternative to traditional payment methods.
