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Business EconomyPosted at: May 23 2018 3:57PM


MobiKwik launches UPI on its platform

New Delhi, May 23 (UNI) Digital financial services platform MobiKwik on Wednesday announced the launch of Unified Payments Interface (UPI) on its platform via its own VPA (Virtual payment address) handle @ikwik, a statement said.
MobiKwik founder and CEO Bipin Preet Singh said, “MobiKwik is the first in the industry to offer UPI access to a huge base of 3 million merchants on its app. It is amongst the first few in the industry to offer 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’s UPI app is 100 per cent in compliance with the NPCI guidelines. It is the most secured UPI app till date, as per NPCI.”

MobiKwik’s users can, by default, use their mobile number as their own VPA which will be ‘< Mobile no >@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 simply 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, sender can send money by selecting his contact from phone book without remembering VPA domain. It will also be possible for the users to request money using UPI on the MobiKwik app,” the release stated.

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