Mumbai: MobiKwik, a digital banking platform, has announced the launch of MobiKwik Wallet UPI. This feature will allow MobiKwik users to make one-click UPI payments without the need for any PIN, MobiKwik said in a statement. This new feature works even when the user’s bank server is down, enabling them to complete transactions with ease, the banking platform said.
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 benefits including a transaction limit up to Rs 1 lakh and a maximum balance limit up to Rs 2 lakh.
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 percent 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.
