From BW
MobiKwik, a digital banking platform on Tuesday announced the launch of MobiKwik Wallet UPI. This innovative feature will allow MobiKwik users to make one-click UPI payments without the need for any UPI PIN. This new feature works even when the user’s bank server is down, enabling them to complete transactions with ease.
MobiKwik Wallet UPI also eliminates the clutter in the user’s bank/card statements caused by small-value transactions and provides users with the true power of credit on UPI.
To activate the feature, users can load their MobiKwik wallet using any credit card, debit card, or bank UPI. The new MobiKwik Wallet UPI supports all banks in India and supports all credit card networks such as Visa, MasterCard, Diners, Amex, and Rupay. MobiKwik Wallet UPI offers several benefits including a transaction limit upto Rs 1 lakh and a maximum balance limit upto Rs 2 lakh.
Speaking on the launch, Bipin Preet Singh, Co-Founder and CEO, MobiKwik said, “At MobiKwik, we continuously strive to innovate and enhance the digital payment experience for our users. With the new MobiKwik wallet UPI feature, we aim to provide our users with a fast, simple, and powerful payment method without the need for any UPI PIN. We are confident that our users will enjoy the Kwik payments experience with the MobiKwik wallet UPI feature.”
How to initiate on MobiKwik Wallet UPI?
Existing MobiKwik Wallet users are automatically eligible to use this feature. To initiate transactions on the MobiKwik wallet, users must first create their unique wallet UPI IDs XXXXX@mbk.
Once the wallet is activated, users can scan and pay merchants through the in-app MobiKwik QR scanner, make payments on online merchants by entering their unique MobiKwik wallet UPI IDs as a payment option. To add money to their MobiKwik wallets, users can also combine balances from two sources, including multiple bank accounts or cards, providing greater flexibility and convenience.
Recently, NPCI guidelines made wallets interoperable on the UPI rail, treating wallets like bank accounts. This enables MobiKwik users to pay via UPI from either their bank account or MobiKwik wallet by scanning the same UPI QR code, which they couldn’t do earlier. For transactions where payment is made from the wallet balance and not the bank account, no merchant fee or MDR needs to be paid by the merchant for transactions below Rs 2,000. For transactions above this amount, a nominal MDR of 1.1 per cent will be charged to the merchant for PPI transactions over UPI.
Since most merchants already pay an MDR for accepting wallet transactions, there is no significant impact on merchants or users due to NPCI’s announcement.
