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MobiKwik Launches UPI; Partners With ICICI Bank To Facilitate Payments

MobiKwik Launches UPI; Partners With ICICI Bank To Facilitate Payments

Gurugram-based mobile wallet company MobiKwik has launched Unified Payments Interface (UPI) on its platform. The new payment option will allow Mobikwik’s users to access online payments via the UPI with added services like netbanking, wallets, and credit/debit cards as well.

It has entered into a partnership with ICICI bank to allow its users to load money into their wallet with the UPI.

In August 2016, the RBI in conjunction with the National Payments Corporation of India (NPCI),  launched the UPI in India. UPI is a one-touch transaction for transferring money between any two parties using a ‘unique virtual address’ on a smartphone. Once a beneficiary is added to the address, an MPIN ensures transaction within seconds.

Commenting on the development, Mrinal Sinha, COO, MobiKwik said, “MobiKwik users now have an additional option for real-time wallet loading with UPI. Users can use their MobiKwik ecash at over 100K online and offline merchants across India.”

Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik is a wallet that enables users to pay in a flash for their mobile recharge and bill payments. It claims to connect 35 Mn users with 1 Lakh retailers and has partnered with over 50,000 businesses like Café Coffee Day, PVR, Domino’s Pizza, Pizza Hut, TastyKhana, JustEat, eBay, JabongSnapdeal, ShopClues, and HomeShop18 among others.

Earlier in March 2016, MobiKwik, ventured into the hyperlocal space with the launch of ‘Explore Nearby’. The feature is available on the MobiKwik app and enables discovery of neighborhood stores, restaurants, cafes, etc. that accept wallet payments. Following that, in August 2016, it announced partial payment for ticket reservations in the bus-booking segment.

It has also partnered with Indian Railway Catering and Tourism Corporation (IRCTC). As a part of the exclusive partnership, MobiKwik powers ecash payments on IRCTC’s e-catering app, Food on Track.

In December 2015, MobiKwik raised $6.5 Mn (INR 44 Cr.), in a mix of debt and equity funding from existing investors Sequoia Capital and Tree Line Asia. In May 2016, it raised an undisclosed amount of funding led by Japan’s GMO Payment Gateway and MediaTek.

In August 2016, South Africa-based Net1 UEPS Technologies Inc. invested $40 Mn for a subscription agreement with MobiKwik in order to mark its foray in India.

Earlier this month, it also entered the short-term consumer loan segment. Users can now avail short-term credit loans from its platform. They can also register themselves for EMIs.

Banks and third-party payments solutions are unilaterally adopting UPI from the time of official launch. While 27+ banks have integrated UPI into their mobile apps at the time of launch, in September 2016, Bengaluru-based payment gateway Razorpay also launched UPI on its platform. Prior to that, Gurugram-based fintech startup, Trupay launched a mobile payment app, based on UPI.

Author

Ambika Chopra

Inc42 Staff

An ace feminist and humanitarian, Ambika identifies herself as a reader, writer and a dreamer. Also a literature buff and development enthusiast. At Inc42 she aims to explore the startup ecosystem with ideas that juxtapose digital culture with social responsibility.

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