The launch took place following the first live transaction, which was conducted on October 7, at the Global Fintech Festival in Mumbai in the presence of T Rabi Sankar, Deputy Governor of the Reserve Bank of India.
The new forex feature allows users to book, top up, or remit foreign currency digitally using net banking or UPI, with same-day (T+0) fulfillment. Currently, the platform supports US dollar transactions, with plans to add more currencies in the future.
Users can collect currency at their preferred bank branches or remit funds internationally through the app.
The service operates under RBI and NBBL regulations and is powered by NBBL in collaboration with the Clearing Corporation of India (CCIL). It aims to provide competitive rates and a digital-first experience for students, travellers, and small businesses requiring foreign exchange services.
Bipin Preet Singh, Co-founder and CEO of MobiKwik, highlighted that the platform enables users to access foreign exchange more seamlessly through mobile devices.
Noopur Chaturvedi, MD & CEO of NBBL, said the partnership seeks to make Forex transactions transparent and accessible for users while supporting RBI’s vision for a digital financial ecosystem.
MobiKwik, founded in 2009, provides digital wallet and UPI services to millions of users across India and distributes a range of financial products, including credit, savings, and investment options.
