Mobikwik partners with RBI, Yes Bank to roll out CBDC e-rupees

MobiKwik launched a full-scale Central Bank Digital Currency (CBDC) wallet, e-rupee, in partnership with the Reserve Bank of India (RBI) and Yes Bank.

The e-rupee wallet is now accessible to all Android users of MobiKwik, enabling seamless peer-to-peer (P2P) and peer-to-merchant (P2M) transactions. Users can make payments by scanning any UPI QR code, as the wallet is fully compatible with UPI.

Existing MobiKwik users with completed Know Your Customer (KYC) formalities can instantly open an e-rupee wallet and transfer funds from their bank accounts. New users will need to complete a video KYC process to access the feature.


The wallet allows transactions of up to Rs 50,000 per day, with a per-transaction limit of Rs 10,000. It supports denominations ranging from Rs 0.50-500.

“The e-rupees will help make the Indian rupee digital and boost the digital economy. We aim to encourage its adoption across the country and reduce cash dependency," said Bipin Preet Singh, cofounder and managing director of MobiKwik.

Earlier today, Cred, backed by Tiger Global and Peak XV, also introduced access to India's central bank digital currency.