India's Digital Currency Frontier: MobiKwik Leads with Full-scale e-Rupee Launch

MobiKwik has launched a comprehensive version of India's CBDC e-rupee, in partnership with RBI and Yes Bank. As the first digital wallet to introduce a full-scale production version, it enables users to transact through UPI. CRED has also launched a beta version, demonstrating the future of digital payments.

MobiKwik, a pioneering digital wallet platform, has officially launched a full-fledged version of India's Central Bank Digital Currency (CBDC) e-rupee, a move carried out in collaboration with the Reserve Bank of India (RBI) and Yes Bank.

Furthermore, CRED has introduced its beta version of the e-rupee wallet, showcasing its development in partnership with the RBI and Yes Bank. With Yes Bank's unique position as the first sponsor bank to facilitate CBDC issuance for a third-party provider like CRED, the bank emphasizes its commitment to innovation and advancing the digital payments landscape.

Designed for both peer-to-peer (P2P) and peer-to-merchant (P2M) transactions, MobiKwik's e-rupee wallet empowers users to transact seamlessly with other e-rupee wallets and conventional bank accounts via UPI. The wallet is accessible to MobiKwik's Android user base, marking a significant stride in India's digital currency evolution. Users must complete KYC procedures to access wallet functionalities.

(With inputs from agencies.)