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CBDC (e₹) Wallet with RBI Photograph: (CBDC (e₹) Wallet with RBI)
MobiKwik is now scaling its CBDC project and has launched a full-fledged e-rupee (e₹) acceptance in partnership with the Reserve Bank of India (RBI) and YES BANK. With this, MobiKwik has become the first digital wallet to launch a full-fledged e₹ wallet for all Android users.
A First in Fintech
This new rollout is a big leap for the Indian Digital payments space by MobiKwik. It claims to be the first provider of digital wallet that has integrated e₹. This news comes hot on the heels of CRED’s recent beta launch of its e₹ wallet, in collaboration with RBI, and supported by YES BANK.
Understanding the e₹ Wallet
The e₹ wallet allows smooth digital transactions and supports peer-to-peer (P2P) and peer-to-merchant (P2M) payments. Users can transfer e₹ money to other e₹ wallets and typical bank accounts through UPI. Further, consumers can also scan any UPI QR code and make payments using e₹, which will be fully interoperable with India’s existing digital payment ecosystem.
With MobiKwik’s extensive 100% KYC-compliant user base, MobiKwik users may immediately set up their e₹ wallet and load money directly from their bank accounts. However new users are required to go through a video KYC process before they can access e₹ transactions.
Limitations on Transactions and Denominations of Currency
As of now, MobiKwik’s e₹ wallet has the following transaction limits:
• Daily transaction limit: Rs 50,000
• Per transaction limit: Rs 10,000
• Denominations available are: 50 paise, Rs 1, Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, and Rs 500.
Announcing the launch, Bipin Preet Singh, Co-founder and MD, of MobiKwik, stated: “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.”
Regulatory Backing and Future Prospects
Regulatory Backing and Future Prospects
Initially, RBI restricted digital currency transactions only to banks. In April 2024, the central bank allowed non-banking financial entities to participate. Fintech firm MobiKwik was among the early entrants to be invited by RBI's CBDC initiative, which has recently completed its full-scale launch in record time.
With MobiKwik leading the charge on digital currency, e₹ will revolutionize India's financial system toward a more inclusive and cashless economy.
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