MobiKwik becomes first wallet to launch UPI through own virtual payment address

Priyanka Pani Mumbai | Updated on May 23, 2018 Published on May 23, 2018

Digital wallet and financial services platform MobiKwik has become the first among the wallets to have launched UPI through its own virtual payment address @ikwik.

Mobikwik, which has about 3 million merchants on its app, is also the first to offer Bharat QR, UPI QR and intent functionality for merchant payments. Besides, MobiKwik users will be able to do P2P bank transfers using UPI. Currently, apart from banks, Google's Tez and messaging app Whatsapp provide P2P bank transfers through UPI.

MobiKwik’s users can use their mobile numbers as their own VPA (virtual payment address) as "<Mobile no>@ikwik" and will be able to link multiple bank accounts with just one VPA. Users will be able to change the primary account in line with their requirements and would be able to simply scan and generate UPI QR functionality to send and receive money using VPA and a phone number from the contact list, the company said in a statement.

If the receiver is also registered in the Mobikwik UPI ecosystem, the sender can send money by selecting his contact from a phone book without remembering the VPA domain. It will also be possible for users to request money using UPI on the MobiKwik app.

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."

He further added with UPI, the company hopes to substantially increase the momentum of merchant transactions and that it would add more payment options in future. Promoted by the Centre, UPI powers multiple bank accounts into a single mobile application of the participating bank, merging several banking features, aimed at offering seamless routing of funds and merchant payments from this single platform.

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Published on May 23, 2018
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