Fintech platform mobikwik have introduced A full version of the country’s Central Bank digital currency (CBDC), or E-Cup, in collaboration with India’s reserve bank (RBI), and Yes Bank, a commercial lender. At the same time, Fintech Platform CRED will provide its e-coupie wallet to a limited group of users, with Yes Bank that monitors the issuance of e-rupie tokens in the wallets.
Mobikwik claims to be the first Digital wallet To start a complete e-rupie wallet, which is now available to all its Android users. The e-rupie wallet allows users to transfer funds to other e-rupie wallets or traditional bank accounts using Uniform payment interface (UPI), support both peer-to-peer (p2p) and peer-to-merchant (p2m) transactions. For example, users can scan an UPI QR code and make payments with the e-coupia, which is completely interoperable with UPI.
“We expect CBDC to make the Indian Rupia digital and further expand the digital economy. E-rupee transfers can be made to anyone with an e-rupie wallet or UPI ID. Our goal is to drive the adoption of e-rupie in India and move towards a smaller cash economy, says Bipin Preet Singh, co-founder of Mobikwik.
Mobikwik’s e-rupie wallet currently has a daily transaction limit of $ 50,000 ($ 576) and per transaction limit of $ 10,000 ($ 115).
On the other hand comes fintech platform crede reportedly offer its E-rupie wallet to a selected group of users, with Yes Bank that handles the issuance of e-rupie tokens in the wallets.
While Mobikwik has launched a full version of its e-Mupie wallet for all Android users, CRED has introduced a beta version for a limited group. Both platforms collaborate with Yes Bank to facilitate these services.
Announcements come after RBI allowed Payment operators who do not knock to offer e-rupie (e £) transactions. Before that, RBI only allowed banks to provide access to digital currency. The move was expected to test how resilient India’s CBDC platform is in handling multi -channel transactions.
“CBDC pilots in the retail and wholesale segments are ongoing with more use cases and more participating banks. Continuing with this approach it is proposed to make CBDC-Retal available for a broader segment of users in a long-term manner by enabling non-banking system operators to offer CBDC wallet, ”RBI said in one statement on development and regulatory policy.
“This is expected to improve access and extend choices available to users in addition to testing the CBDC platform’s elasticity to manage multi-channel transactions. Necessary changes will be made in the system to facilitate this, ”said the statement.
RBI started its First Digital Rupee pilot in the wholesale segment on November 1, 2022, while Retail Digital Rupee Pilot Started on December 1, 2022.
India Blockchain-based digital rupees are likely to witness more cross-border transactions in 2025 while investigating programmable money use cases. RBI also integrates e-coupia with existing digital payment systems To drive adoption.
The move comes at a time when the central bank of the world’s largest democracy have been fighting Finding stronger adoption in the country’s growing digital payment landscape. This is mainly due to the fact that RBI has at the same time pushed to popularize India’s flagship Uniform payment interface (UPI), a global success story and an example of effective Digital public infrastructure (DPI).
“In India, the digital Rupie pilot has not yet achieved mainstream assumption among India’s large population, especially in the presence of the generally adopted Unified Payments Interface (UPI). From May 2024, the e-coupia in circulation of 3.23 billion rupees, up from 1 billion rupees in December 2023. However, this remains a small fraction of the 35.4 trillion rupees in banknotes currently in circulation, “pronounced a small part a small fraction Report International Monetary Fund (IMF).
Look: Find ways to use CBDC outside digital currencies
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