MobiKwik users will be able to transfer money to other users via UPI address, UPI QR, and mobile number
MobiKwik, one of the leading digital wallet companies, has announced that it is launching its UPI-based payments service in India. Also, the company has also introduced its own Virtual Private Address (VPA) handle – @ikwik to facilitate UPI money transfers on the platform. The @ikwik VPA is claimed to be the first such handle from a non-banking institution, however, Paytm too has its own virtual private address – @paytm. MobiKwik says that the customers will be able to make transactions using UPI QR, Bharat QR, and P2P bank transfers.
The new UPI feature with the company’s own VPA is now rolling out to the users on both Android and iOS platforms. The users can select their registered mobile numbers as their VPAs suffixed with @ikwik – so the format would be @ikwik. MobiKwik will also let the users link multiple bank accounts with a single VPA and one of the accounts can be preferably set as default.
The users will be able to transfer money to other users via UPI address, UPI QR, and mobile number. The merchants can also receive payments using UPI via Bharat QR feature that is available in the MobiKwik app. The company says that the customers’ safety has been ensured duly in the UPI feature of the MobiKwik app, which will keep the data secure even if the mobile phone or SIM card is lost.
Commenting on the launch of the service, Bipin Preet Singh, Founder and CEO, MobiKwik, said, “Our strength lies in user experience, the wide network of merchants and the numerous daily life use-cases we power. We intend to provide all payments options, including wallets, virtual cards and UPI, to ensure convenience across our user base. Mobikwik will be the first player of scale to include all interoperable features in its UPI launch app.”
“We believe that with UPI on our platform, we will be able to empower our users with the power of transferring between bank accounts in an extremely safe and simple manner. With the rollout of UPI, we expect a reduction in the usage of debit cards and internet banking on the MobiKwik app, as UPI will offer a better user experience. Keeping in mind our reach on the merchant side, we hope to substantially increase the momentum of merchant transactions on UPI. We will be adding more payment options for the benefit of our users in the times to come,” he added.