E-Rupee via UPI: MobiKwik Launches New Payment System, Pay Up to Rs 50,000 Daily

By

Avijit Das

Digital wallet MobiKwik (One MobiKwik Systems Limited) has launched the Central Bank Digital Currency (CBDC) wallet, e-Rupee (e₹). For this, MobiKwik has partnered with the Reserve Bank of India (RBI) and Yes Bank.

MobiKwik is the first digital wallet to introduce the full version of e-Rupee. The e-Rupee wallet is now available to all Android users of MobiKwik. It allows seamless peer-to-peer (P2P) and peer-to-merchant (P2M) transactions. This article provides complete information about MobiKwik’s e-rupee wallet, its features, and benefits.

Users Can Scan UPI QR Codes with Mobikwik e-Wallet

Mobikwik e-wallet users can now make payments by scanning any UPI QR code. The wallet is fully interoperable with UPI. New users must complete a video KYC before opening an e-rupee wallet.

Currently, the daily transaction limit in the e-Rupee wallet is Rs 50,000, while the per-transaction limit is Rs 10,000. The available currency denominations include 50 paise, Rs 1, Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, and Rs 500.

What is e-Rupee?

The e-Rupee, also known as e₹ or e-RUPI, is a digital version of cash issued by the Reserve Bank of India (RBI). It holds the same value as physical currency, with 1 digital rupee equaling Rs. 1.

The retail e-Rupee (CBDC-R) is a digital version of cash and is issued in the same denominations as current banknotes and coins. You can use it for transactions through a digital wallet or UPI. It can be used for payments, storing value, and making various transactions. E-Rupee works as a prepaid voucher sent via SMS or QR code to the beneficiary’s mobile phone. The beneficiary can redeem the voucher at merchants accepting UPI e-prepaid vouchers without needing a card, payment app, or Internet banking. The transaction is authorized using a verification code.

What Did the Company’s MD Say?

MobiKwik MD Bipin Preet Singh said, “We believe CBDC will help digitize the Indian Rupee and accelerate the growth of the digital economy. Our goal is to expand the use of e-Rupee in India and move towards a less-cash economy.”

MobiKwik’s Financial Performance in the September Quarter

In July-September 2024, One Mobikwik Systems Limited reported a loss of Rs 3.59 crore, compared to a profit of Rs 6 crore in the same quarter last year. The total income of the company rose to Rs 294 crore in September 2024, up from Rs 207 crore in July-September 2023. Meanwhile, the total expenditure increased to Rs 287 crore, compared to Rs 196 crore in the same quarter of FY 2023-24.



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