New Payment System: Mobikwik Introduces e-Rupee, Enabling ₹50,000 Daily Transactions via UPI

 | 
s

Mobikwik Becomes the First Digital Wallet to Launch Full-Version e-Rupee

India’s popular digital wallet, Mobikwik, has officially launched the full version of e-Rupi (e₹), making it the first digital wallet to introduce the Central Bank Digital Currency (CBDC). The e-Rupee wallet is now accessible to all Android users of Mobikwik.

Mobikwik Partners with RBI and Yes Bank for e-Rupee Rollout

Mobikwik, operated by One Mobikwik Systems Limited, has collaborated with the Reserve Bank of India (RBI) and Yes Bank to launch the e-Rupee wallet. This digital currency allows seamless peer-to-peer (P2P) and peer-to-merchant (P2M) transactions, making digital payments more efficient.

Scan Any UPI QR Code for Payments

With the Mobikwik e-Rupee wallet, users can scan any UPI QR code to make payments, ensuring full interoperability with the UPI system.

  • New Mobikwik users need to complete video KYC before accessing the e₹ wallet.
  • The daily transaction limit for e-Rupee is ₹50,000.
  • The per-transaction limit is ₹10,000.
  • The e-Rupee is available in denominations of 50 paise, ₹1, ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, and ₹500.

Mobikwik MD’s Vision for e-Rupee

Bipin Preet Singh, MD of Mobikwik, stated:

“We believe that CBDC will play a key role in digitizing the Indian Rupee and boosting the digital economy. Our aim is to promote e-Rupee adoption and contribute to a less-cash economy in India.”

Mobikwik’s Financial Performance in Q2 2024

  • July-September 2024 Loss: ₹3.59 crore
  • September 2023 Profit: ₹6 crore
  • Total Revenue (Q2 2024): ₹294 crore (up from ₹207 crore in Q2 2023)
  • Total Expenditure: ₹287 crore (up from ₹196 crore in Q2 2023)

Mobikwik Stock Performance

Currently, Mobikwik shares are trading at ₹415. On Tuesday, the stock rose 3.92%, closing at a high of ₹437.40 during the trading session.

Mobikwik went public last year, marking its entry into the stock market.