India-based MobiKwik, a leader in the digital wallet and UPI industry, achieved a major feat when it introduced Forex payments on its mobile application. This innovative service was introduced in a strategic venture with NPCI Bharat Billpay Limited (NBBL). This is a groundbreaking move that puts MobiKwik squarely in its position among the first financial technology companies in the country to incorporate digital foreign exchange services into a mobile platform. The launch will help millions of Indians gain easy and fast access to foreign exchange retail services, making the process of gaining or sending foreign currency instant, entirely safe, and secure through the mobile app, and allowing the user to lock the best rates of the deal.

Cost-efficient and innovative Forex product

The launch of this new and convenient Forex product was formally announced at a well-known industry gathering, and this fact reinforced the significance of the product to the financial ecosystem. The new feature was used to carry out the first live transaction in the august presence of Shri T. Rabi Sankar, the Deputy Governor of the Reserve Bank of India, at the endearing Global Fintech Festival in Mumbai, on 7th October, 2025. This high-profile launch indicates that MobiKwik remains intent on active support of the vision expressed by the Government and the Reserve Bank of India, which is focused on the creation of a fully digital and financially inclusive ecosystem across the country.

The supporting infrastructure that enables this ability is strong and cooperative. This project is made clear to be driven by NBBL in partnership with the CCIL (Clearing Corporation of India Ltd.). The new Forex is located on what is known as Bharat Connect and is specifically designed in such a manner that the foreign exchange transactions are transparent and accessible to all potential users.

The platform offers an alternative, which is entirely digital and very cost-effective, to the conventional and frequently unwieldy methods of conducting dealings with regard to Forex and thus fundamentally changes the manner in which Indians undertake their foreign currency transactions. The site provides a benefit to users to instantly top up their forex cards via net banking or UPI, and they will receive it within a day.

The Co-founder, MD & CEO at MobiKwik, Bipin Preet Singh, 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.”

Quotation Source: The Tribune  

Digital-first Forex service features

The new Forex category is carefully crafted to significantly reduce the cumbersome nature of how Indians normally purchase and spend foreign exchange. This simplification is led by the fact that the service offers a full set of features made to focus on the experience of the users and regulatory standards. It provides a real digital-first experience and allows booking of foreign currency, top-up of existing cards, or remittances of funds without leaving the application. The platform will ensure that it offers competitive USD rates, whereby pricing will be just and benefit the user.

One of the unique characteristics is the dedication to Same-day (T 0) fulfillment. This provides the user with two main ways of completing their payment: they may receive the physical currency immediately in their favorite bank branches or decide to have the money remitted to them in a place outside of India in digital form. This is all run on a secure and compliant platform, which ensures that the users are comfortable that the RBI, as well as NBBL, is fully overseeing their transactions, and they are sure to follow all the required legal and financial guidelines.

This is a combination of speed, ease of digital nature, and compliance that has put the foreign exchange services at the fingertips of the users, serving them with a wide variety of needs. This encompasses a student who is paying university fees to a foreign country, a family who is planning to go abroad, or a small business that is sending money back to a foreign country. This groundbreaking innovation perfectly complements the national ambition to transform the foreign exchange services to be as easy and normal as regular domestic digital payments.

The MD & CEO at NPCI Bharat BillPay Limited, Noopur Chaturvedi, 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.”

Quotation Source: The Tribune  

Conclusion

MobiKwik has provided a technological breakthrough by making the foreign exchange process a digitized and instant one, thus fulfilling a significant gap in the daily financial requirements. MobiKwik has a robust base and a wide range of product offerings such as Wallet, UPI, Pocket UPI, and Zaakpay and a wide portfolio of financial products such as credit to investments which enables it to constantly empower millions of Indians to transact with unprecedented simplicity and security, with a substantial 19% market share of the PPI wallet gross transaction value (GTV) as at September 2025, as per RedSeer Report. This partnership with NBBL on the instant Forex platform reaffirms that it is contributing to the digital financial revolution of the country.