Fintech platform MobiKwik has launched foreign exchange (forex) services on its mobile app, becoming one of the first Indian digital payment platforms to offer regulated forex transactions directly through smartphones. The service has been introduced in partnership with NPCI Bharat BillPay Limited (NBBL) and operates under the regulations of the Reserve Bank of India (RBI).
The launch followed MobiKwik’s first live transaction on October 7 at the Global Fintech Festival in Mumbai, in the presence of T Rabi Sankar, Deputy Governor of the RBI. This milestone marks a new step in India’s push toward seamless, digital-first financial solutions.
The newly introduced feature allows users to book, top up, or remit foreign currency digitally using UPI or net banking, with same-day (T+0) fulfillment. Currently, the service supports US dollar transactions, but MobiKwik plans to add more currencies soon. Users can also collect foreign currency from their preferred bank branches or remit funds internationally through the app.
The platform’s forex service is powered by NBBL in collaboration with the Clearing Corporation of India (CCIL). It aims to offer competitive exchange rates and a fast, transparent digital experience for students, travellers, and small businesses seeking convenient and secure foreign exchange access.
Bipin Preet Singh, Co-founder and CEO of MobiKwik, said the new offering enables users to access foreign exchange seamlessly via mobile devices, combining speed with regulatory compliance. Noopur Chaturvedi, MD and CEO of NBBL, added that the collaboration with MobiKwik aligns with RBI’s vision for a digital financial ecosystem, making forex transactions simpler, more transparent, and user-friendly.
How to use MobiKwik’s mobile forex feature:
- Open the MobiKwik app on your smartphone.
- Navigate to the Forex Services section.
- Choose the option to book, top up, or remit foreign currency.
- Select the desired amount and payment method (UPI or net banking).
- Complete the transaction and choose to collect cash at your preferred bank branch or remit funds internationally.
Founded in 2009, MobiKwik is one of India’s leading fintech companies, offering digital wallet, UPI payments, and financial products such as credit, savings, and investments. With its latest move into the forex space, the company strengthens its position as a comprehensive digital finance platform catering to diverse consumer needs.
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