Mobikiwik is one of the few active mobile wallet companies in India that had still to adopt the UPI (Unified Payments Interface) platform. Well, that's not the case anymore as the company announced it recently that it is receiving the much awaited UPI support to its mobile app. It was earlier announced by the company's co-founder, Upasana Taku, that this feature was in works already and that the feature will be rolled out to the app soon.
It is being reported that the Mobikwik UPI facility will be available for the users through its own virtual payment handle which is @ikwik. Once the rollout will be completed the users will be able to link multiple bank accounts with one single VPA (Virtual Payment Address). Along with the UPI, Mobikwik will further be offering payments through BharatQR, UOI QR, along with its intent to be available for three million merchants around the country.
As per Mobikwik's CEO, Bipin Preet Singh, the UPI rollout will bring an improved user-experience which ultimately reduce the usage of debit card and net-banking on the application. With the latest update, it is expected that the number of users will increase, which will further increase the number of transactions on the app.
He further stated that: "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, we hope to substantially increase momentum of merchant transactions on UPI and will be adding more payment options for the benefit of our users in the times to come".
It is also worth noting the fact that UPI is slowly gaining popularity in the Indian market. This is said to bring features to the e-wallet which were dissimilar and incompatible with each other.
The government-owned BHIM app was one of the first digital wallets that offered the UPI. Since then most of the banks and e-wallets have also added the support for the platform. The banks that support this feature include SBI, ICICI, HDFC, Axis, Paytm among others. With the rising popularity of the UPI-based platforms, Google had also introduced Google Tez last year.
WhatsApp has also included the platform on its own app. This was a long-awaited feature that Mobikwik needed to introduce to its platform keeping in mind the competition that is out there in the market.
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