MobiKwik and CRED Introduce CBDC e-Rupee in Collaboration with RBI

MobiKwik has introduced a comprehensive version of India's Central Bank Digital Currency (CBDC), known as the e-rupee. This launch is in collaboration with the Reserve Bank of India (RBI) and Yes Bank. Meanwhile, CRED has unveiled a beta version of its e-rupee wallet, also developed with RBI and Yes Bank. Yes Bank's involvement as the first sponsor bank for a third-party application provider like CRED highlights its dedication to advancing digital payment innovations.

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According to MobiKwik, it is the first digital wallet to fully implement the e-rupee wallet, making it accessible to all Android users. The e-rupee wallet facilitates transactions between other e-rupee wallets and regular bank accounts via UPI. It supports both peer-to-peer (P2P) and peer-to-merchant (P2M) transactions. Users can scan any UPI QR code and pay using the e-rupee, as it is fully interoperable on UPI.

e-Rupee Wallet Features

MobiKwik's existing users who have completed full KYC can immediately open an e-rupee wallet and fund it from their bank account. New users must complete video KYC before accessing the e-rupee wallet. The wallet currently has a daily transaction limit of Rs 50,000 and a per transaction limit of Rs 10,000. Available currency denominations include 50 paise, Re 1, Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, and Rs 500.

Bipin Preet Singh, Managing Director of MobiKwik, stated: "We expect that CBDC will make the Indian rupee digital and further expand the digital economy." Transfers using the e-rupee can be made to anyone with an e-rupee wallet or UPI ID. Initially, only banks were allowed by RBI to offer access to digital currency. However, in April 2024, RBI announced that non-banks could also facilitate e-rupee transactions.