tl;dr
Fintech platform MobiKwik has launched a full version of India's central bank digital currency (CBDC), the e-rupee, in collaboration with the Reserve Bank of India (RBI) and Yes Bank. Users can transfer funds using Unified Payments Interface (UPI) and make peer-to-peer (P2P) and peer-to-merchant (P2...
Finance
Fintech platform MobiKwik has launched a full version of India's central bank digital currency (CBDC), the e-rupee, in collaboration with the Reserve Bank of India (RBI) and Yes Bank. Users can transfer funds using Unified Payments Interface (UPI) and make peer-to-peer (P2P) and peer-to-merchant (P2M) transactions. Meanwhile, fintech platform Cred is offering its e-rupee wallet to a limited group of users, also in partnership with Yes Bank. Both platforms are working with Yes Bank to facilitate these services following the RBI's allowance for non-banking payment operators to offer e-rupee transactions. The RBI aims to make CBDC-retail accessible to a broader segment of users and integrate the e-rupee with existing digital payment systems.
Fintech platform MobiKwik has introduced a full version of the country’s central bank digital currency (CBDC), or the e-rupee, in collaboration with the Reserve Bank of India (RBI), and Yes Bank, a commercial lender. Simultaneously, the fintech platform Cred is going to provide its e-rupee wallet to a limited group of users, with Yes Bank overseeing the issuance of e-rupee tokens in the wallets. MobiKwik claims to be the first digital wallet to launch a full e-rupee wallet, which is now available to all its Android users. The e-rupee wallet allows users to transfer funds to other e-rupee wallets or traditional bank accounts using Unified Payments Interface (UPI), supporting both peer-to-peer (P2P) and peer-to-merchant (P2M) transactions. Users can, for instance, scan a UPI QR code and make payments using the e-rupee, which is fully interoperable with UPI.
On the other hand, fintech platform Cred will reportedly offer its e-rupee wallet to a select group of users, with Yes Bank managing the issuance of e-rupee tokens in the wallets. While MobiKwik has launched a full version of its e-rupee wallet for all Android users, Cred has introduced a beta version for a limited group. Both platforms are partnering with Yes Bank to facilitate these services. The announcements come after the RBI allowed non-banking payment operators to offer e-rupee (e₹) transactions. Before that, the RBI allowed only 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 underway with more use-cases and more participating banks. Continuing with this approach, it is proposed to make CBDC-retail accessible to a broader segment of users in a sustained manner, by enabling non-bank payment system operators to offer CBDC wallet,” RBI said in a statement on developmental and regulatory policies. “This is expected to enhance access and expand choices available to users apart from testing the resiliency of the CBDC platform to handle multi-channel transactions. Necessary changes will be made to the system to facilitate this,” the statement said.
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