Fintech platform MobiKwik, in partnership with the Reserve Bank of India (RBI) and Yes Bank, has launched the full version of the country’s central bank digital currency (CBDC), known as the e-rupee, CoinGeek reported.
This new feature enables seamless transactions, allowing users to send e-rupees to other digital wallets or directly to bank accounts via the Unified Payments Interface (UPI). Supporting both peer-to-peer (P2P) and peer-to-merchant (P2M) transactions, the wallet allows users to make payments effortlessly by scanning UPI QR codes, ensuring smooth interoperability with the existing UPI network.
‘We expect that CBDC will make the Indian rupee digital and further expand the digital economy. E-rupee transfers can be made to anyone with an e-rupee wallet or UPI ID. Our goal is to drive the adoption of e-rupee in India and move towards a less cash economy,’ Bipin Preet Singh, co-founder of MobiKwik, said.
MobiKwik’s e-rupee wallet allows transactions up to ₹50,000 ($576) per day, with a maximum limit of ₹10,000 ($115) per transaction.
The announcement follows the Reserve Bank of India’s recent policy shift, allowing non-banking payment providers to facilitate e-rupee (e₹) transactions. Previously, only banks had the authority to offer access to the digital currency. This expansion serves as a key test for the robustness of India’s CBDC infrastructure in managing transactions across multiple payment channels.
‘CBDC pilots in the retail and wholesale segments are underway with more use-cases and more participating banks. Continuing with this approach, it is proposed to make CBDC-retail accessible to a broader segment of users in a sustained manner, by enabling non-bank payment system operators to offer CBDC wallet,’ RBI said in a statement on developmental and regulatory policies.
The Reserve Bank of India (RBI) launched its first digital rupee pilot for the wholesale segment on November 1, 2022, followed by the retail pilot on December 1, 2022. As India’s blockchain-based e-rupee evolves, it is expected to see increased cross-border transactions in 2025 while also exploring programmable money applications. To accelerate adoption, the RBI is integrating the e-rupee with existing digital payment systems.
