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MobiKwik becomes first fintech to fully roll out CBDC e-rupees

Economic Times

Economic Times · 7m ago

MobiKwik becomes first fintech to fully roll out CBDC e-rupees

MobiKwik has launched India's first full-scale Central Bank Digital Currency (CBDC) wallet, e-rupee, in partnership with RBI and Yes Bank. Available to Android users, the wallet supports seamless P2P and P2M transactions by scanning UPI QR codes. Users with completed KYC can easily open an e-rupee wallet, while new users must complete video KYC. The wallet allows transactions up to Rs 50,000 daily, promoting digital rupee adoption to boost the digital economy in India.

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Fintechs Seek Clarity On Tie Ups With Banks For CBDC Pilot

Inc42 · 1y ago

Fintechs Seek Clarity On Tie Ups With Banks For CBDC Pilot

Fintech startups in India are seeking clarity from the Reserve Bank of India (RBI) regarding the rules of engagement with banks to deploy central bank digital currency (CBDC) use cases. Homegrown fintechs are unclear about how to engage with banks for participation in CBDC pilot programs. Operational guidelines and product constructs need to be worked out between the two parties until more clarity is provided by the RBI. Several large banks and regulated fintech companies have started discussions on building CBDC use cases.

CRED launches e₹ wallet in collaboration with RBI

Entrackr

Entrackr · 7m ago

CRED launches e₹ wallet in collaboration with RBI

CRED launches e₹ wallet in collaboration with RBI Fintech unicorn CRED has launched a beta version of its e₹ wallet, developed in partnership with the Reserve Bank of India (RBI) and YES BANK as the sponsor bank. This launch makes CRED the first fintech platform to implement RBI’s Central Bank Digital Currency (CBDC). The e₹ wallet integrates the security and reliability of a sovereign currency with CRED’s payment experience. It will allow members whitelisted for the beta program to pay UPI-linked bank accounts, as well as send and receive money to other CBDC wallets. To begin, users must complete video KYC to activate their e₹ wallets, which can then be loaded via UPI. The wallet supports transactions of up to Rs 10,000 per transfer, with a daily limit of Rs 50,000, and can store up to Rs 1 lakh. As per the company, merchant transactions come at zero cost. In the future, CRED will include features like programmable merchant payments, integration with CRED Pay, and PIN-less transactions below Rs 500. The company added that full access for all CRED members is expected in the coming months. Kunal Shah, founder of CRED, said, “The e₹ wallet is a milestone in India’s financial evolution. With RBI’s support, we’re empowering the creditworthy to shape the future of digital currency in the world’s fastest-growing economy. Our aim is to make e₹ transactions seamless and accelerate its adoption among India’s most creditworthy citizens.” This initiative aligns with the RBI’s vision to reduce cash circulation, promote financial inclusion, and strengthen India’s position as a global leader in digital finance. In its April 2024 monetary policy, the RBI emphasized making CBDC-Retail accessible to broader segments of users and enabling non-bank payment operators to offer CBDC wallets. The sponsor bank, YES BANK, will facilitate the issuance of CBDC tokens from RBI to CRED.

PayPal's Mintoak buys India's 1st e-rupee deal for $3.5 mn

Inshorts · 6m ago

PayPal's Mintoak buys India's 1st e-rupee deal for $3.5 mn

PayPal and HDFC Bank backed startup Mintoak which provides merchant payment services to lenders reportedly bought Digiledge for $3.5 million on Tuesday. This marks the first acquisition in digital currency sector. Digiledge specialises in CBDC and bill payments services. In December 2022, the RBI launched a trial program for CBDC also known as e-rupee, a digital currency substitute.

MobiKwik acquires 3.39% stake in Blostem Fintech

Entrackr

Entrackr · 6m ago

MobiKwik acquires 3.39% stake in Blostem Fintech

MobiKwik acquires 3.39% stake in Blostem Fintech One MobiKwik Systems, the parent company of fintech firm MobiKwik, is acquiring 3.39% of the share capital (on a fully diluted basis) of Blostem Fintech. According to MobiKwik, it intends to invest a total of Rs 1.49 crore for a 3.39% equity stake in Blostem as part of the second tranche of the share subscription and shareholders’ agreement dated March 13, 2024. In an earlier agreement, MobiKwik committed to investing Rs 3 crore in Blostem’s equity shares in two tranches. The first tranche of Rs 1.5 crore was paid in March 2024 for a 3.40% stake in Blostem’s fully diluted paid-up capital. Co-founded in 2021 by Ravi Jain and Sandeep Garg, Blostem is a B2B banking infrastructure platform specializing in Fixed Deposit (FD) aggregation as its core offering. The company has built strategic partnerships with multiple banks and NBFCs, seamlessly integrating their financial products through robust API solutions. Blostem reported revenue of Rs 30.76 lakh for the fiscal year ending in March 2024. MobiKwik’s revenue from operations increased to Rs 269 crore in Q3 FY25 from Rs 229 crore in Q3 FY24. However, earnings declined by 7.6% in Q3 FY25 compared to Rs 291 crore in Q2 FY25. MobiKwik's registered user base has grown to 172 million, with 5 million merchants. The company’s payment GMV has also doubled year-on-year to Rs 29,400 crore.

Google Pay, PhonePe & Others To Join RBI's Digital Currency Pilot

Inc42 · 1y ago

Google Pay, PhonePe & Others To Join RBI's Digital Currency Pilot

Major fintech companies like GooglePay, PhonePe, Cred, Mobikwik, and AmazonPay are set to participate in the Indian central bank's digital currency pilot. They will offer transactions through the e-rupee, marking a significant development as previously only the central bank was allowed to provide e-rupee transactions via mobile applications. The RBI recently granted approval for fintech companies to offer e-rupee transactions under its supervision.

RBI likely to start digital rupee pilot in call money market by October

Economic Times

Economic Times · 2y ago

RBI likely to start digital rupee pilot in call money market by October

The Reserve Bank of India (RBI) is set to launch a pilot for its Central Bank Digital Currency (CBDC) in the call money market by October, according to RBI Executive Director Ajay Kumar Choudhary. The wholesale CBDC, known as Digital Rupee-Wholesale (e-W), had its pilot initiated in November 2022, primarily for settling secondary market transactions in government securities. Nine banks were chosen for the pilot project for wholesale CBDC, and the RBI had already launched a pilot for the retail version of CBDC (e-R) on December 1, 2022.

SBI rolls out UPI on its CBDC app to promote use of digital rupee

Inc42 · 2y ago

SBI rolls out UPI on its CBDC app to promote use of digital rupee

The State Bank of India (SBI) has integrated UPI with its digital rupee (e₹) app, enhancing user convenience. This feature allows eRupee users to scan any merchant UPI QR code for secure transactions. SBI was an early participant in the RBI's digital e-rupee project. The RBI initiated pilot programs for CBDC-Wholesale and retail digital rupee, with several banks, including SBI, taking part. SBI's move to bring UPI interoperability to CBDC is seen as a promising step for future CBDC integration.

South Delhi was too expensive, so we moved to Dwarka: MobiKwik CEO Bipin

Hindustan Times

Hindustan Times · 1y ago

South Delhi was too expensive, so we moved to Dwarka: MobiKwik CEO Bipin

MobiKwik CEO Bipin Preet Singh said he moved out of a South Delhi apartment because it was "too expensive" to pay rent and run a startup. "We moved to Dwarka," he said, adding that the rent there was about ₹10,000-₹12,000. "It was the first office, in a way, of MobiKwik. Because that's where we hired the first person," he said.

RBI Proposes Direct UPI Payments From PPI Wallets

Inc42 · 1y ago

RBI Proposes Direct UPI Payments From PPI Wallets

The Reserve Bank of India (RBI) has proposed allowing the linking of prepaid payment instruments (PPIs) like digital wallets through third-party Unified Payments Interface (UPI) applications. This move aims to provide more flexibility to PPI holders and benefit fintech startups such as Paytm, PhonePe, Freecharge, and MobiKwik. Additionally, the RBI has proposed enabling cash deposit facility through the use of UPI and allowing non-bank payment system operators to offer central bank digital currency (CBDC) wallets. The central bank also announced plans for a dedicated platform for retail investors to participate in government securities market.

MobiKwik Introduces Pocket UPI To Facilitate UPI Payments Without Linking Bank Account

OutlookIndia

OutlookIndia · 1y ago

MobiKwik Introduces Pocket UPI To Facilitate UPI Payments Without Linking Bank Account

Gurugram-based fintech MobiKwik has introduced a new feature called Pocket UPI, allowing users to make UPI payments through their MobiKwik Wallet without linking a bank account. This feature simplifies bank statements by consolidating all UPI transactions within the wallet. Users can load their wallet with funds and make payments across various channels, such as merchant QR codes and e-commerce platforms. Pocket UPI also enhances security by limiting exposure to financial transactions since funds are transferred from the wallet rather than the user's bank account. MobiKwik is planning to raise up to INR 700 crore through its IPO.

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