MobiKwik Becomes India's First Fintech Company to Launch CBDC in Collaboration with RBI and Yes Bank.
Banking & Finance
In January 2025, Gurugram-based One Mobikwik Systems Limited became the first fintech company in India to launch a full-scale Central Bank Digital Currency (CBDC) or e-rupee, in collaboration with the Reserve Bank of India (RBI) and Yes Bank Limited.
- Yes Bank Limited will act as the primary sponsor bank for the issuance of the CBDC, supporting third-party application providers. CBDC, issued and supported by RBI, is a digital legal tender equivalent to sovereign currency and can be exchanged one-to-one with physical currency.
- Mobikwik's e-rupee wallet is now accessible to all Android users, enabling seamless Peer-to-Peer (P2P) and Peer-to-Merchant (P2M) transactions.
- The wallet is fully compatible with UPI, allowing users to make payments by scanning any Unified Payments Interface (UPI) Quick Response (QR) code using e-rupee.
Main Point :- (i) Existing Mobikwik users who have completed their Know Your Customer (KYC) formalities can instantly open e-rupee wallets and make transactions directly from their bank accounts.
(ii) The wallet allows transactions up to Rs 50,000 per day, with a per transaction limit of Rs 10,000. It supports denominations ranging from Rs 0.50 to Rs 500.
(iii) Initially launched as a pilot project in December 2022 with 4 banks, the e-rupee was later expanded to include non-bank entities, and in January 2025, Bengaluru-based Cred launched its beta version of the e-wallet in collaboration with RBI and Yes Bank.
About One Mobikwik Systems Limited
Chief Executive Officer (CEO) : Bipin Preet Singh
Headquarters : Gurugram, Haryana
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