MobiKwik Introduces Pocket UPI To Facilitate UPI Payments Without Linking Bank Account

Updated on: 26 February 2024 7:28 pm

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Name Change Aims to Strengthen Alignment with Core Brand Values: Swiggy Photo: The company said that the registered name change will help it establish greater proximity and identification of the company’s corporate name with the company’s core brand.

Gurugram-based fintech MobiKwik has added a new feature on its platform called Pocket UPI. This new feature will allow users to make UPI payments through MobiKwik Wallet without linking their bank account.

It aids in decluttering bank statements by consolidating all UPI transactions. Users can load their Wallet with the amount they need to spend and then top up again as required.

The platform supports balanced 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, the company added in a press release.

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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 and 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.”

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.

The unicorn fintech has refiled its draft red herring prospectus (DRHP) with the market regulator SEBI in January of this year. The company is planning to raise up to Rs 700 crore from the public market.

This marks the second attempt by the company to go public, following a withdrawal citing unfavorable market conditions in 2021.

For the current IPO run, SBI Capital Markets Ltd and DAM Capital Advisors Ltd are the book-running lead managers, with Link Intime India Pvt Ltd serving as the registrar.

Earlier this month, Mobikwik elevated Mohit Narain to the role of chief operating officer of consumer payments. Additionally, Harvinder Singh Chadha has joined Zaak ePayment Services (Zaakpay), a wholly-owned subsidiary of Mobikwik, as Vice President to lead the payment gateway business.

Mobikwik's revenue from operations stood at Rs 381.09 crore, with a profit after tax of Rs 9.48 crore for the six months ending September last year.