UPI Payment without PIN: MobiKwik has launched a feature that will allow users to make faster, one-click UPI payments without the need for any UPI PIN.
UPI Payment without PIN: MobiKwik has announced the launch of MobiKwik Wallet UPI, a feature that will allow users to make faster, one-click UPI payments without the need for any UPI PIN. This new feature will work even when the user’s bank server is down, enabling them to complete transactions with ease, MobiKwik said in a statement.
The company further said that MobiKwik Wallet UPI also eliminates the clutter in the user’s bank/card statements caused by small-value transactions and provides users with the true power of credit on UPI.
MobiKwik Wallet UPI offers several benefits including a transaction limit up to INR 1 Lakhs and a maximum balance limit of up to INR 2 Lakhs.
To activate the feature, users can load their MobiKwik wallet using any credit card, debit card, or bank UPI.
The new MobiKwik Wallet UPI supports all banks in India and supports all credit card networks such as Visa, MasterCard, Diners, Amex, and Rupay.
“At MobiKwik, we continuously strive to innovate and enhance the digital payment experience for our users. With the new MobiKwik wallet UPI feature, we aim to provide our users with a fast, simple, and powerful payment method without the need for any UPI PIN. We are confident that our users will enjoy the Kwik payments experience with the MobiKwik wallet UPI feature,” said Bipin Preet Singh, Co-Founder and CEO, MobiKwik.
How to initiate on MobiKwik Wallet UPI?
The company said that existing MobiKwik Wallet users are automatically eligible to use this feature. To initiate transactions on the MobiKwik wallet, users must first create their unique wallet UPI IDs XXXXX@mbk.
Once the wallet is activated, users can scan and pay merchants through the in-app MobiKwik QR scanner, make payments on online merchants by entering their unique MobiKwik wallet UPI IDs as a payment option. To add money to their MobiKwik wallets, users can also combine balances from two sources, including multiple bank accounts or cards, providing greater flexibility and convenience.
Recently, NPCI guidelines made wallets interoperable on the UPI rail, treating wallets like bank accounts. This enables MobiKwik users to pay via UPI from either their bank account or MobiKwik wallet by scanning the same UPI QR code, which they couldn’t do earlier.
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Fees and charges
For transactions where payment is made from the wallet balance and not the bank account, no merchant fee or MDR needs to be paid by the merchant for transactions below Rs. 2,000.
For transactions above this amount, a nominal MDR of 1.1% will be charged to the merchant for PPI transactions over UPI. Since most merchants already pay an MDR for accepting wallet transactions, there is no significant impact on merchants or users due to NPCI’s announcement.
Disclaimer: The above content is based on a press release issued by MobiKwik and it is intended for information purposes only.
