With the emergence of digitalization and the digital economy, there has been a significant rise in digital payments like payments through digital wallets, UPI, IMPS, internet banking, etc as against traditional payments like cash or cheque. There has been a significant increase in online shopping in India over the past few years.
An increase in digital transactions will boost online payments. It provides services like bill payments and recharges bank transfers, digital wallet and wallet transfer, payment gateway, etc. Read the complete article to understand one of the vital digital payment MobiKwik wallets.
Did you know? In September 2022, UPI transactions hit a record high of amounting to ₹11,70,000 crores.
History of MobiKwik
MobiKwik was founded in 2009 by Bipin Preet Singh and Upasana Taku with a seed capital of ₹20,44,325 and commenced its operations as a mobile wallet. It further expanded its operations to bill payments, e-commerce shopping, large retail chains, petrol pumps, etc. Over the years it has expanded its network by funding from various global investors like Sequoia Capital India, American Express Ventures, Bajaj Finserv Limited, GMO Venture Partners & Net1 UEPS Technologies, Inc, Hindustan Media Ventures, Abu Dhabi Investment Authority, Bennett Coleman and Company Limited, etc.
Steps to login into the MobiKwik wallet
If you are willing to set up your digital payment account through MobiKwik but don't know how to start then you can follow the steps ahead.
Step 1: Go to the play store or app store and search for the MobiKwik app and install it.
Also Read: ACH Payments: Meaning, Types & Benefits of ACH Transfer
Step 2: Open the MobiKwik app and click on the top right corner of the profile.
Step 3: Click on signup and enter your mobile number and OTP. You are logged on to the MobiKwik app.
Services provided by the MobiKwik app
The MobiKwik app is used to transfer money and pay bills online but there is a wide range of financial services provided by MobiKwik. Some of them are as follows:
Recharge and Bill Pay
- Prepaid recharge and postpaid payment services for network operators like Airtel, Jio, Vodafone Idea, BSNL, MTNL.
- DTH recharges services for networks like Airtel, Dish TV, Tata Sky, Sun Direct.
- Bill payments for landline connections and broadband internet.
- Utility payments like electricity, gas bill, gas booking, water bill, etc.
- Services for payments of EMI and insurance payments to insurance.
Also Read: A Guide on Issuing Bank | How Does It Work And Benefits
Transfer to Bank
Mobikwik provides the facility of wallet-to-bank transfer, bank-to-bank transfer by UPI and wallet-to-wallet transfer.
Payment to Local Store
Mobikwik provides the facility of payment to local stores by UPI or wallet by creating a merchant login.
Payment Gateway
MobiKwik App provides payment gateway services that enable online websites and apps to collect payments using options like debit cards, credit cards, UPI, mobile wallets, internet banking, etc.
Credit Facilities
It has further expanded its services to include wealth management and credit facilities.
Peer to Peer Lending
The MobiKwik Application has introduced its new product Xtra which provides a facility for peer-to-peer lending.
How to create a UPI handle on MobiKwik
Follow the steps below to create your UPI handle on Mobikwik
- Step 1: Open the MobiKwik app and click select UPI on the home screen.
- Step 2: Select your bank account linked with your phone number.
- Step 3: Create your UPI pin.
How to transfer money via MobiKwik UPI?
To transfer money via MobiKwik follow the steps given below
- Step 1: Open MobiKwik app and select UPI on your home screen.
- Step 2: Enter the phone number or UPI ID of the recipient or select the contact from your contacts list.
- Step 3: Enter the amount to be transferred.
- Step 4: Click on confirm payment and select your bank account.
- Step 5: Enter your UPI pin.
Your transaction will be completed by following the above steps and payment will be successfully transferred.
Also Read: Know Payment Gateway Security And Its Importance In Business.
How to transfer money from the MobiKwik wallet to another bank account?
MobiKwik also provides a facility of transferring money from one back account to another, to learn about the same follow the steps below.
- Step 1: Open the MobiKwik app and click on transfer money.
- Step 2: Enter the amount to be transferred.
- Step 3: Select the payment mode i.e debit card, credit card, internet banking, etc.
- Step 4: Now click on transfer from wallet to bank on the home screen.
- Step 5: Click on transfer now and enter the beneficiary name, account number and IFSC code or UPI ID and then click continue.
Now the confirmation will be received and the amount will be transferred to another bank account.
What is MobiKwik Xtra?
MobiKwik Xtra is an investment product by mobikwik which enables peer-to-peer lending between participants. It is an investment wherein lenders can earn up to 12% p.a by lending directly to creditworthy borrowers. This is done in partnership with Lendbox, an RBI-regulated peer-to-peer lending platform.
Features of MobiKwik Xtra
- Any person above the age of 18 years with a PAN card and bank account can invest in MobiKwik Xtra. NRIs can also invest in Mobikwik Xtra with their NRO bank account.
- The borrowers are verified by their income and expense behaviour before the money is lent.
- The investor’s funds are divided into small chunks and then distributed between lakhs of borrowers to mitigate risk.
- No fee or commission is charged by MobiKwik for investing in MobiKwik Xtra.
- Investment in xtra can be started by just completing KYC with mobikwik or by doing PAN or Aadhar-based KYC.
- Investment can be started with a minimum of ₹1000 and a maximum of up to ₹10 Lakhs. For investments above ₹10 Lakhs, a net worth certificate is required as per RBI guidelines.
- The amount lent is unsecured and hence best practices are followed to minimize the risk however the returns are not guaranteed.
What is MobiKwik Zip?
Mobikwik Zip is a credit offering which enables users to get credit up to ₹60,000 which can be used for payment of groceries, medicines, food, bill payments, etc. Such credit is provided at zero interest.
Features of MobiKwik Zip
- MobiKwik Zip allows users to spend even if they have no money, the amount spent can be repaid after 15 days on a generation of zip bill.
- The credit is provided with minimal documentation and no collateral is required.
- The MobiKwik Zip bill is generated twice a month after every 15 days on which no interest is charged if paid on time.
- The lending partners for MobiKwik Zip are IDFC First Bank, Fullerton India and Lendbox.
- There are no restrictions on usage and can be spent by using a mobikwik wallet or UPI.
- It improves the credit score and first-time users can be benefitted by building a strong credit history which will help them in availing of loans in future.
Also Read: Tokenization Payment, Impact On Payment Security And Benefits
Investing in mutual funds from the MobiKwik app
MobiKwik has also expanded its services into wealth management by introducing a single platform for investment in mutual funds.
Features of mutual fund platform
- MobiKwik provides a single platform for investment in all types of mutual funds via its app.
- No fees or commission is charged on buying or redemption of mutual funds.
- It has partnered with 36 mutual funds for investment through its platform like Axis Mutual Fund, BNP Paribus Mutual Fund, HDFC Mutual Fund, DSP Mutual Fund, Kotak Mutual Fund, Tata Mutual Fund, Invesco Mutual Fund, etc.
- Further, it has partnered with Morningstar for getting information on the ranking and ratings of all mutual funds.
Conclusion
Thus, MobiKwik is a single platform for all types of recharge and bill payments, bank-to-bank, wallet-to-bank and wallet-to-wallet transfer, credit facilities, investment and wealth management which makes payments smooth and easy without interruption. It is a safe and secure app that will allow anyone to transfer their money anytime required. You can also easily download and install the app and start your online payment services now using MobiKwik.
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