MobiKwik, a digital wallet player, on Tuesday announced that it has launched a full version of India's Central Bank Digital Currency (CBDC) e-rupee in partnership with RBI and Yes Bank. Payments platform CRED has launched a beta version of its e-rupee wallet, developed in collaboration with the RBI and Yes Bank. 

Yes Bank's role as the first sponsor bank to enable CBDC issuance for a third party application provider (TPAP) like CRED exemplifies its commitment to driving innovation and supporting the future of digital payments, the company said in a statement.

MobiKwik is the first digital wallet to go live with a full-scale production version of the e-rupee wallet, the new CBDC product is available to all its Android users, the company said in a statement. The e-rupee wallet allows users to send and receive funds to other e-rupee wallets as well as regular bank accounts via UPI; both peer-to-peer (P2P) and peer-to-merchant (P2M) transactions are supported, it said.

"MobiKwik's large base of existing full KYC users will immediately be able to open an e-rupee wallet and load it from their bank account. New MobiKwik users will have to complete video KYC before they can open an e-rupee wallet," it said. Currently, the e-rupee wallet has a daily transaction limit of Rs 50,000, per transaction limit of Rs 10,000, and currency denominations of 50 paise, Re 1, Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, and Rs 500 are available in e-rupee, it said.