Indian Payment Wallet Mobikwik www.deekpay.com

What is Mobikwik Wallet

Mobikwik is a domestic online payment system in India that offers a wide range of services provided by theReserve Bank of IndiaAuthorised semi-closed wallet service.Headquartered in Gurgaon, Mobikwik was founded in 2009 by Bipin Preet Singh and Upasana Taku.

Mobikwik started out as aIndia PaymentsMobikwik, a solution provider, has expanded its services to mobile applications over the years.Mobikwik secured close to $5 million in its Series A funding round, with other major investments including $25 million worth of funding from Cisko, Amex and Treeline. The Reserve Bank of India awarded Mobikwik with a Series A grant on 18 July 2013 for the followingPrepaid payment instrumentsMobikwik Wallet can be used on over 100,000 online and offline channels.

Platforms supported by Mobikwik Wallet

APPLICATIONS: The Mobikwik app is available on the iOS Apple Store, Android Playstore and Windows Store. Smartphones supporting any of these three app platforms can be used to access the mobikwik app. The app can be used to recharge mobile phones or DTH, pay utility bills and insurance premiums, shop through online and offline merchants, and transfer money to other mobikwik wallets or one's bank account.

Web Interface: Mobikwik's web user interface also supports each of the above features. To login to one's mobikwik account through the website, one needs to enter the registered mobile number and OTP (One Time Password) and after entering the correct OTP, one can login to the wallet account. The user can then make payments or transfers, shop online, book tickets and pay bills through the website.

Services offered by MobiKwik Wallet

The MobiKwik wallet is used for online transfers and bill payments, but MobiKwik also offers a variety of financial services. Some of these services are listed below:

Top-ups and bill payments

Prepaid recharge and postpaid payment services for network operators like Airtel, Jio, Vodafone Idea, BSNL, MTNL etc. DTH provides recharge services for networks such as Airtel, Dish TV, Tata Sky, Sun Direct and others. Payment of bills for landline connections and broadband internet. Utility bills such as electricity, gas, gas booking, water etc. EMI Payment and insurance payment services.

Transfer to bank

Mobikwik provides wallet-to-bank transfers, through UPI Perform bank-to-bank transfers and wallet-to-wallet transfer services.

Payment to local shops

Mobikwik offers the ability to pay local shops via UPI or wallet by creating a merchant login.

Payment Gateway

The MobiKwik app providesPayment GatewayServices that enable online websites and apps to collect payments using debit cards, credit cards, UPI, mobile wallets, online banking and other options.

Credit services

It has further expanded its services to include wealth management and credit services.

peer-to-peer lending

The MobiKwik app has launched its new product, Xtra, which offers peer-to-peer lending services.

Mobikwik Wallet Top-up Methods

via APP

Debit/Credit Cards: Users can top up by entering details such as card number, expiry date, CVV number and card PIN or OTP to process transactions and transfer the balance from the card to the mobikwik wallet.

Internet Banking: Users can top up money from their personal bank account to their Mobikwik Wallet account via Internet Banking.

Cash Deposit: Mobikwik has partnered with ICICI Bank to allow users to deposit money into the wallet through the Bank Deposit feature. The user can perform this operation by tapping on Recharge and then tapping on Cash Deposit. The application will generate the order ID and show the deposit centres near the user, who can then visit one of the centres, fill in the order ID on the bank slip and submit it along with the cash. Once done, the money will automatically show up in the wallet balance

Cash Withdrawal: Users can also deposit money in the wallet at home. Once the user requests for cash withdrawal, a mobikwik officer will visit the user's home within 30 minutes. To complete the transaction, the user needs to share the OTP received on his/her personally registered mobile number and the updated balance will be immediately shown on the wallet passbook. There is no additional withdrawal fee for this service.

*This service is currently available only in Mumbai, Delhi/NCR, Jaipur and Surat, with options from 10am to 6pm.

Masterpass: If the user has a Masterpass account, he/she can also deposit money into the mobikwik wallet.

Via other mobikwik users

The User may update the Wallet Balance by requesting the mobikwik User to transfer the balance in the Personal Wallet, provided that the Maximum Outstanding Limit does not exceed the Permitted Limit at any given point in time.

Restrictions on the use of Mobikwik wallet

Wallet recharge limit: KYC verified customers can recharge a maximum of Rs. 100,000 per month in the wallet, but users who have not upgraded their wallets can recharge a maximum of Rs. 20,000 per month Wallet to Merchant Transfer: Each mobikwik wallet can be recharged up to Rs. 20,000 per month. These limits may be changed at the discretion of the mobikwik authorities to mitigate fraud. Wallet-to-wallet transfers: Users can reload up to Rs. 4,000 per transaction and up to Rs. 10,000 per month into a mobikwik wallet. The number of such transactions is also capped at a maximum of 5 per day and 25 per month. Wallet to Bank Transfer: A maximum of Rs. 1,000 per transaction can be recharged from wallet to bank account. However, this limit can be escalated by upgrading your wallet account and completing KYC verification. (If a transaction is made in Aadhaar (Same number as registered under Mobikwik wallet, you just need to enter your Aadhar number) Per Transaction Limit: Each time a transaction occurs, the limit will be based on the available wallet balance in your mobikwik account.

What is MobiKwik Xtra?

MobiKwik Xtra is an investment product from mobikwik that enables peer-to-peer lending between participants. It is an investment that allows lenders to lend directly to creditworthy borrowers at an annualised interest rate of up to 121 TP3T. this is in contrast to the investment that is subject to the RBI done in partnership with Lendbox, a regulated peer-to-peer lending platform.

Features of MobiKwik Xtra

Anyone over the age of 18 who has PAN Card and bank account holders can invest in MobiKwik Xtra. non-resident Indians can also invest in Mobikwik Xtra using their NRO bank accounts. The income and expenditure behaviour of the borrower will be verified before lending out the funds. Investor funds are broken down into smaller chunks and then allocated to hundreds of thousands of borrowers to mitigate risk. MobiKwik does not charge any fees or commissions for investing in MobiKwik Xtra. Simply complete mobikwik's KYC or perform PAN or Aadhar based KYC to start investing in xtra. The minimum amount to be invested is ₹1000 and the maximum amount is ₹1 lakh. As per RBI guidelines, for investments above ₹1 lakh, proof of net worth is required. The amount lent is unsecured and hence best practices are followed to minimise risk but returns are not guaranteed.

What is MobiKwik Zip?

Mobikwik Zip is a credit product that enables users to access credit of up to ₹60,000 that can be used to pay for groceries, medicines, food, bill payments and more. Such credit is offered at 0% interest.

Features of MobiKwik Zip

MobiKwik Zip allows users to spend money even if they don't have any, and the amount spent can be reimbursed after 15 days by generating a zip bill. The credit provides very little documentation and requires no collateral. MobiKwik Zip bills are generated twice a month, every 15 days, and no interest is charged if paid on time. MobiKwik Zip's lending partners are IDFC First Bank, Fullerton India and Lendbox. There are no usage restrictions and can be spent using mobikwik wallet or UPI. It improves credit score and first time users can benefit by building a good credit history which will help them to get loans in future.

Investing in Mutual Funds through the MobiKwik App

MobiKwik is also expanding its services into the wealth management space by launching a single platform for investing in mutual funds.

Characteristics of mutual fund platforms

MobiKwik offers a single platform to invest in all types of mutual funds through its app. There are no fees or commissions for buying or redeeming mutual funds. It has partnered with 36 mutual funds for investments through its platform such as Axis Mutual Fund, BNP Paribus Mutual Fund, HDFC Mutual Fund, DSP Mutual Fund, Kotak Mutual Fund, Tata Mutual Fund, Invesco Mutual Fund, Invesco Mutual Fund, etc. It has also partnered with Morningstar for information on all mutual fund rankings and ratings.

concluding remarks

MobiKwik Wallet is a single platform for all types of recharges and bill payments, bank-to-bank, wallet-to-bank and wallet-to-wallet transfers, credit facilities, investments and wealth management that allows smooth and easy payments without interruptions. It is a safe and secure application that allows anyone to transfer money whenever they need to.

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