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MobiKwik Announces UPI Support: Offers Its Own VPA Handle

With this, MobiKwik claims to be the first platform to open 3 million merchant base to UPI.

News18.com

Updated:May 23, 2018, 4:38 PM IST
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MobiKwik Announces UPI Support: Offers Its Own VPA Handle
(Photo for representation, image: News18.com)
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MobiKwik today announced the launch of Unified Payments Interface (UPI) on its platform via its own VPA (Virtual payment address) handle @ikwik. MobiKwik claims to be the first in the industry to offer UPI access to a user base of 3 million merchants on its app. With this feature, MobiKwik now offers Bharat QR, UPI QR and intent functionality for merchant payments. Additionally, all the MobiKwik users will be able to do P2P bank transfers using UPI. MobiKwik says that its UPI app is 100 percent in compliance with the NPCI guidelines.

MobiKwik’s users can, by default, use their mobile number as their own VPA which will be ‘@ikwik’. They will also be able to link multiple bank accounts with just one VPA and users can change primary account as per their requirements. Users can scan and generate UPI QR functionality to send and receive money using VPA and phone number from the contact list. If the receiver is also registered in Mobikwik UPI ecosystem, a sender can send money by selecting his contact from the phonebook without remembering VPA domain. It will also be possible for the users to request money using UPI on the MobiKwik app.

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Speaking on the announcement, Bipin Preet Singh, Founder and CEO, MobiKwik, said, “We intend to provide all payments options, including wallets, virtual cards and UPI, to ensure convenience across our user base." He further added "With the roll-out 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.”

MobiKwik has its own customized VPA handle “@ikwik” for making payments unlike existing UPI based services offered by non-banking entities.

Promoted by the Government of India, UPI powers multiple bank accounts into a single mobile application of any participating bank, merging several banking features, aimed at offering seamless routing of funds and merchant payments from this single platform.

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| Edited by: Sarthak Dogra
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