MobiKwik introduces Pocket UPI to facilitate UPI payments without linking bank account
- Users can make UPI payments directly from MobiKwik Wallet
- Strengthens security aspect by limiting repetitive exposure to bank account
Bengaluru, 27 February 2024: ONE MOBIKWIK SYSTEMS LIMITED (MobiKwik), a fintech company, introduced a new feature on its platform, ‘Pocket UPI’, that enables users to have an enhanced control over budgeting and finance management. Pocket UPI allows users to make UPI payments through MobiKwik Wallet without linking their bank account and therefore, giving more power in the hands of the users with an additional choice while they make UPI payments.
Pocket UPI aids in decluttering bank statements by consolidating all UPI transactions, thereby offering a clearer insight into spending habits. Currently, with UPI directly linked to bank accounts, users often overlook minor and recurring expenses.
Users can load their Wallet with the amount they need to spend and then top up again as required. The platform supports balance loading through credit cards, debit cards or UPI. It accepts card payments from any network, including RuPay, Visa, American Express, and Diners Club. Payments via Pocket UPI can flow across various channels, such as merchant QR codes, e-commerce platforms and peer-to-peer transfers.
Pocket UPI safeguards users from compromised transactions and financial fraud by transferring funds from the MobiKwik Wallet rather than their bank account, thus limiting exposure when making financial transactions.
Speaking on the occasion, Bipin Preet Singh, Co-founder & CEO, MobiKwik, shared, “Fintech is a dynamic sector that needs consistent innovation to meet the demands of users. With Pocket UPI, we believe that we have added new features to the digital wallet.”
“By linking UPI directly to bank accounts, users often neglect minor expenses. Pocket UPI streamlines finances by consolidating multiple small transactions into a single wallet, providing users with a powerful tool to manage their finances effectively,” he added.
Here is how to make UPI payments using Pocket UPI:
- To start using Pocket UPI, users must first create their unique wallet UPI ID on the MobiKwik platform. Existing MobiKwik Wallet users can already make use of this feature.
- Add funds to the MobiKwik Wallet through a debit card, credit card or a bank account.
- Once the wallet is loaded, simply start making UPI payments with your Wallet balance.
Pocket UPI is able to process payments even during bank downtimes to ensure that users can make timely payments round the clock, thus enhancing the reliability and convenience of digital payments.
About MobiKwik
MobiKwik is a fintech company that is a comprehensive provider of financial products and services. MobiKwik is a platform business with two-sided payments network, consisting of consumers and merchants.
Founded in 2008 by Bipin Preet Singh, MobiKwik has grown to serve over 146.94 million registered users with a merchant network of 3.81 million as of September 30, 2023.
