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MobiKwik launches UPI enabled payments through own virtual payment address

May 24, 2018
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Digital wallet and financial services platform MobiKwik is has launched United Payments Interface (UPI) enabled payments through its own virtual payment address @ikwik. With this, the company became the first wallet to do so. It is also the first to offer Bharat QR, UPI QR and intent functionality for merchant payments. In addition to this, MobiKwik users will be able to do P2P bank transfers using UPI.

As per the company, users can use their mobile numbers as their own virtual payment address (VPA) and will be able to link multiple bank accounts with just one VPA. Users will be able to change the primary account in line with their requirements and would be able to simply scan and generate UPI QR functionality to send and receive money using VPA and a phone number from the contact list.

If the receiver is also registered in the Mobikwik UPI ecosystem, the sender can send money by selecting his contact from a phone book without remembering the VPA domain. It will also be possible for users to request money using UPI on the MobiKwik app.

Going forward, the company hopes to substantially increase the momentum of merchant transactions and that it would add more payment options.


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