Product Launch Details

MobiKwik announced the expansion of its FX Retail offering from one to six currencies, adding AED, CAD, GBP, EUR, and CHF to its existing USD offering. The expanded offering was launched at the Global Fintech Fest (GFF) 2026 in the presence of Shri Rohit Jain, Deputy Governor, Reserve Bank of India.

Strategic Partnership and Market Position

MobiKwik is the only private player to offer a multi-currency FX Retail solution in partnership with NPCI Bharat BillPay Limited (NBBL). The service is powered by NBBL in collaboration with the Clearing Corporation of India Ltd. (CCIL) and is available through the Bharat Connect ecosystem.

Service Features and Capabilities

The multi-currency offering enables customers to access foreign exchange digitally for international travel and payment needs, including overseas travel, education, and other eligible foreign exchange requirements. Users can:

  • Digitally book foreign currency
  • Top up Forex cards
  • Remit funds overseas
  • Collect currency notes through branches
  • Process remittances through bank redirection and branch channels

Transaction Volume and Growth

Since its initial launch at GFF 2025 (starting with USD transactions), the Forex category on Bharat Connect has witnessed strong growth. NBBL processed Forex transactions worth ₹111.91 million during the first four months of FY2026–27.

Pricing and Fulfillment

The offering features live bank-linked pricing designed to provide customers with greater transparency and convenience. Customers can benefit from same-day fulfilment, subject to applicable regulatory requirements and service conditions.

Target Market and Transaction Limits

The current offering is available to resident individuals, subject to PAN and primary-account-holder validation. Transaction limits are:

  • USD 3,000 equivalent per transaction for currency notes
  • USD 10,000 equivalent per transaction for card and remittance services

Equivalent limits apply across all six supported currencies.

Management Commentary

Bipin Preet Singh, Co-founder, MD & CEO, MobiKwik, stated: "At MobiKwik, our goal is to use technology to simplify everyday financial experiences. As more Indians travel, study and transact overseas, their foreign exchange requirements are becoming increasingly diverse. With our multi-currency offering, we are addressing these needs through a simple, seamless experience on the MobiKwik app. By bringing multiple currencies together with transparent, bank-linked pricing, we are making foreign exchange more accessible, convenient and easy to manage for customers."

Strategic Context

The expanded FX Retail offering is part of MobiKwik's broader focus on making everyday digital financial experiences simpler, faster and more accessible, while bringing greater convenience to consumers.

Company Background

One MobiKwik Systems Ltd. is India's largest digital wallet with 193 Mn registered users and 5.02 Mn merchants. The company holds a 19% market share of PPI wallet gross transaction value (GTV) as of June 2026.