MobiKwik pioneers Instant Forex purchase in partnership with NBBL

PRNewswire
Gurugram (Haryana) [India], November 18: MobiKwik, India's leading digital wallet and UPI platform announced the launch of Forex payments on its mobile app in partnership with NPCI Bharat BillPay Limited (NBBL). With this milestone, MobiKwik becomes one of the first fintechs to bring digital foreign exchange services to mobile, strengthening its reputation as a credible pioneer in building secure, home-grown financial innovations that enhance speed, safety and convenience for all users.
- Among the first 3 apps to enable Foreign Exchange services on mobile
- Empowers millions of Indians with seamless access to foreign exchange
- Users can lock the best rates for FX retail instantly, completely safe & secure via its app
The first live transaction of MobiKwik's innovative and user-friendly Forex product was done in the August presence of Shri T. Rabi Sankar Deputy Governor, Reserve Bank of India at the prestigious Global Fintech Festival, Mumbai on 7th October, 2025.
The launch reflects MobiKwik's ongoing commitment to support the Government and RBI's vision of building a fully digital and inclusive financial ecosystem. The Forex category on Bharat Connect is designed to make foreign exchange transactions, transparent and accessible for everyone, transforming how Indians manage their Forex needs through a digital-first, cost-efficient alternative to traditional channels. This allows users to top up forex cards instantly using net banking or UPI with same-day fulfilment.
This initiative is powered by NBBL in collaboration with the CCIL (Clearing Corporation of India Ltd.)
The Forex category is designed to simplify how Indians access foreign exchange by offering:
- Digital-first experience: Book, top up, or remit seamlessly through the app
- Competitive USD rates: Ensuring fair and competitive pricing
- Same-day (T+0) fulfillment: Collect currency from preferred bank branches instantly or digitally remit it outside
- Safe & compliant platform: Fully regulated by RBI and NBBL
This brings foreign exchange services to the fingertips, whether it's a student paying university fees abroad, a family preparing for international travel or a small business sending funds overseas. This innovation aligns with the broader national vision to make foreign exchange services as seamless as domestic digital payments.
Currently, the platform supports USD transactions and is available to individual users, with plans to extend additional currencies in subsequent phases.
Commenting on the launch, Bipin Preet Singh, Co-founder, MD & CEO, MobiKwik, said, "At MobiKwik, our mission is to simplify access to financial services for every Indian. With Forex payments, we are proud to be among the first fintech companies to introduce a regulated, digital-first foreign exchange service in the country. Users will now be able to access competitive forex rates, top up forex cards instantly using net banking or UPI, and remit money abroad with same-day fulfilment - all from the convenience of their mobile devices. This is a significant leap forward in making foreign exchange as seamless as digital payments."
Commenting on the launch, Noopur Chaturvedi, MD & CEO, NPCI Bharat BillPay Limited, said, "We are delighted to partner with MobiKwik for the Forex category launch on Bharat Connect. This innovation is set to transform how individuals purchase foreign exchange currencies, providing a transparent and seamless experience for users. Envisioned by RBI and in partnership with CCIL, this initiative reaffirms our commitment to making financial services easy and accessible to all Indians."
By simplifying access to foreign exchange, MobiKwik continues to bridge everyday financial needs with technology-driven solutions that empower millions of Indians to transact with ease.
About MobiKwik ( www.mobikwik.com )
One MobiKwik Systems Ltd. (MobiKwik) is India's largest digital wallet that offers a wide range of payments and financial products to both consumers and merchants.
The Company, founded by Bipin Preet Singh and Upasana Taku in 2009, today offers various payment products such as MobiKwik Wallet, UPI, Pocket UPI, and Zaakpay (payment gateway), serving 183.5 Mn+ registered users and 4.71 Mn+ merchants. The Company has expanded into the distribution of financial products ranging from credit (ZIP EMI, MCA) and savings & investment products (Fixed Deposits, Mutual Funds, Digital Gold, Lens.AI) on its platform.
According to the RedSeer Report, as of Fiscal 2023, MobiKwik had the fourth-highest user base in India in terms of total registered users on the platform. MobiKwik was termed as one of the leading digital financial product and services platforms in India by registered users. MobiKwik is the largest digital wallet in India with a 19% market share of the PPI wallet gross transaction value (GTV) as of September 2025.
For more details, please visit our website: https://www.mobikwik.com/.ir
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