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E ₹ wallet, which is now available to all Android users of Mobikvik, enables Peer-to-Pier (P2P) and Peer-to-Cracha (P2M) transactions. Users can scan by scanning any UPI QR code using E ₹, as the wallet is fully compatible with the Integrated Payment Interface (UPI).
The current Mobikwik users who have completed their KYC can open an E of wallet and transfer funds from their bank accounts. New users must complete a video KYC process to reach the convenience.
Wallet allows daily transactions up to ₹ 50,000, with a range of ₹ 10,000 per transaction. It is ₹ 0.50 from. Supports up to 500 sects. “E ₹ will help to make Indian rupee digital and promote digital economy. We encourage its adoption and reduced cash dependence across the country, “said Bipin Preet Singh, co-founder and managing director of Mobikvik.
Initially, the RBI only allowed banks to handle digital currency, but in April 2024, it increased access to non-banking institutions. Known for his innovative approach, Mobikwik was invited to join the RBI CBDC project and the service was rolled out in a record time.
Established in 2009, Mobikvik is India’s largest digital wallet with 167 million users and 4.4 million traders, with market share. The company, which is public in December 2024, also provides financial products such as credit, savings and insurance.
ALSO READ: RINT launched E ₹ wallet in partnership with RBI: major features and how to use it
Earlier today, Cred launched the beta version of its e ₹ wallet, which developed into a sponsor bank in collaboration with RBI and Yes Bank.
E allows the members made for beta to send money to ₹ wallet, credi-linked bank accounts and other CBDC wallets.
first published: January 28, 2025 6:18 pm First
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