One Mobikwik Systems has launched a full version of India’s Central Bank Digital Currency (CBDC) - e-rupee (e?) in partnership with Reserve Bank of India (RBI) and Yes Bank. MobiKwik is the first digital wallet to go live with a full-scale production version of the e-rupee wallet, and the new CBDC product is available to all its Android users. The e? wallet allows users to send and receive funds to other e? wallets as well as regular bank accounts via UPI; both peer-to-peer (P2P) and peer-to-merchant (P2M) transactions are supported. For example, a user can scan and pay on any UPI QR using e? as it is fully interoperable on UPI.
MobiKwik’s large base of existing full KYC users will immediately be able to open an e? wallet and load it from their bank account. New MobiKwik users will have to complete video KYC before they can open an e? wallet. Currently, e-rupee wallet has a daily transaction limit of Rs 50,000, per transaction limit of Rs 10,000, and currency denominations of 50 paise, Rs 1, Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, and Rs 500 are available in e-rupee.
One Mobikwik Systems is a platform business at its core, that has a two-sided payments network, consisting of consumers and merchants.
