MobiKwik Expands Multi-Currency Retail Forex Services to Six Major Currencies

MobiKwik, an Indian digital payments platform, has expanded its retail forex services to include six major currencies. The company is now offering UAE Dirham (AED), Canadian Dollar (CAD), British Pound (GBP), Euro (EUR), Swiss Franc (CHF), and US Dollar (USD) transactions on its platform. This move comes after MobiKwik partnered with NPCI's Bharat Connect platform to deliver a multi-currency retail forex solution.

According to the data, the first four months of FY27 saw forex transactions surge to ₹11.19 crore (derived: ₹111.91 million) on the NPCI Bharat Connect platform. This represents a massive growth rate increase compared to ₹2.71 crore (derived: ₹27.06 million) processed during the entirety of FY26, indicating a strong demand for digital cross-border payment options.

The expanded multi-currency capabilities allow retail customers to book foreign currency notes, top up forex cards, and remit funds across six international currencies. MobiKwik's co-founder & CFO Upasana Taku has advocated for the implementation of a Merchant Discount Rate (MDR) on UPI transactions for large merchants, highlighting the financial unsustainability of the current zero-fee model for payment service providers.

The RBI-backed digital forex market is poised for broad-based retail adoption, with the integration of Clearcorp's FX-Retail platform with NBBL's Bharat Connect solving inefficiencies by providing an open, interoperable digital marketplace. However, friction in transaction fulfillment and tightening of regulatory limits under FEMA guidelines for digital outbound remittances and currency purchases remain key risks to watch.