SUMMARY
Shares of MobiKwik soared 6.6% to INR 442.80 intraday on the BSE today (January 29) after it became the first fintech firm to roll out a full-scale CBDC wallet and e-rupee (e₹)
MobiKwik was trading at INR 431.30 in the afternoon – up about 4% from its previous close of INR 415.00
The fintech giant’s e-rupee wallet will enable users to transfer funds to other e-rupee wallets and regular bank accounts through UPI
Shares of newly listed fintech major MobiKwik soared 6.6% to INR 442.80 intraday on the BSE today (January 29) after it became the first fintech firm to roll out a full-scale Central Bank Digital Currency (CBDC) wallet and e-rupee (e₹).
MobiKwik was trading at INR 431.30 in the afternoon – up about 4% from its previous close of INR 415.00.
The company’s market capitalisation stands at INR 3,350.6 Cr.
MobiKwik made its market debut on December 18, with the stock listing at INR 442.25 on the BSE, a 58.5% premium against the IPO issue price of INR 279. Furthermore, on the NSE, its shares were listed at INR 440 apiece, a 57.7% premium against the issue price.
Notably, the stock then surged almost 88% during the intraday trading to INR 524 apiece on the BSE.
The fintech giant’s e-rupee wallet will enable users to transfer funds to other e-rupee wallets and regular bank accounts through UPI, as part of a collaboration with the Reserve Bank of India (RBI) and Yes Bank.
Just hours before MobiKwik’s full-scale launch, Bengaluru-based fintech unicorn CRED founder Kunal Shah unveiled the beta version of the CRED e-rupee wallet in collaboration with the RBI. For this offering, the startup partnered with YES BANK as the sponsor bank, to facilitate the issuance of CBDC tokens from RBI to CRED.
According to RBI data, only 15 banks are offering CBDC wallets, which include SBI, ICICI Bank, YES BANK, HDFC Bank, and Axis Bank.
Days before its e-rupee was launched, MobiKwik’s cofounder and chief executive officer of payments division Chandan Joshi had stepped down from his role, citing family commitments.
Source: www.inc42.com
