Indian Fintecher MobiKwik’s UPI Takes Off, Partners with ICICI Bank

India MoneyIndia-based mobile wallet company MobiKwik announced the launch of a UPI (Unified Payments Interface) on its platform which enables users to access online payments with added services including netbanking, wallets, and credit/debit cards. In addition, MobiKwik entered into a partnership with ICICI Bank which allows users to load money into their wallet with the UPI. MobiKwik’s launch follows this summer’s RBI-National Payments Corporation of India (NPCI) UPI launch in India.

mrinal-sinha“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,” explained MobiKwik COO Mrinal Sinha.

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 million users with 1 Lakh retailersand has partnered with over 50,000 businesses including Café Coffee Day, PVR, Domino’s Pizza, Pizza Hut, TastyKhana, JustEat, eBay, Jabong, Snapdeal, ShopClues and HomeShop18.

Earlier this month MobiKwik entered the short-term consumer loan segment, claiming to be the first wallet company in India to roll out this service. In March 2016, MobiKwik ventured into the hyperlocal space with Explore Nearby app which enables discovery of neighborhood stores, restaurants, cafes that accept wallet payments. The platform 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.

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