MobiKwik’ Pocket UPI’ to allow wallet payments without linking to bank | Finance News – Business Standard

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MobiKwik, the fintech company, has rolled out a new feature called ‘Pocket UPI’ on its platform that enables users to make UPI payments through the MobiKwik Wallet without the need to link their bank account. This move aims to offer an additional layer of security and flexibility during transactions while empowering users with greater control over budgeting and finance management.


Speaking on the new feature, Bipin Preet Singh, co-founder & CEO of MobiKwik, said, “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.”


What is the purpose of Pocket UPI?


Often, with UPI linked directly to bank accounts, users tend to overlook minor or recurring expenses, which Pocket UPI aims to address. This feature consolidates all UPI transactions within the MobiKwik Wallet, providing users with a clearer understanding of their spending patterns that can help manage budgeting and tracking one’s finances more efficiently. Moreover, it offers an added layer of security by utilising funds from the MobiKwik Wallet for transactions, thus mitigating the risk of compromised transactions and financial fraud associated with direct bank transfers.


Pocket UPI also boasts “uninterrupted” payment processing, even during bank downtimes, to ensure users can make timely transactions round the clock.


How does Pocket UPI work?


To utilise Pocket UPI, users need to create a unique wallet UPI ID on the MobiKwik platform and add funds to their Wallet using a debit card, credit card, or bank account. Once the Wallet is loaded, users can initiate UPI payments using their Wallet balance.


Users can load their Wallet with the desired amount for spending and top up as necessary, with support for balance loading through credit cards, debit cards, or UPI. The platform accepts card payments from all major networks, including RuPay, Visa, American Express, and Diners Club. Payments via Pocket UPI can be made across various channels, including merchant QR codes, e-commerce platforms, and peer-to-peer transfers.

First Published: Feb 26 2024 | 1:28 PM IST