Last month MobiKwik launched its new feature ‘Pocket UPI’ through which it aims to transform how users handle their finances and perform Unified Payments Interface (UPI) transactions.
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For digital payments, you either use UPI linked to bank accounts or linked to the wallet. Pocket UPI enables users to carry out instant UPI transactions via their MobiKwik wallets without needing to link bank accounts – simply by tapping on their smartphones.
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, the company said while releasing the feature.
Wallet UPI vs Pocket UPI
When your digital wallet makes UPI payments without linking your bank account, it becomes a Wallet UPI. It enables users to add and pay money using the UPI infrastructure from their wallet.
Pocket UPI is a powerful feature for the digital wallet that enhances its functionality manifolds. Pocket UPI enables your MobiKwik wallet to work across various platforms, allowing you to make payments using any operator’s QR codes and UPI IDs without any hassle.
With Pocket UPI, one can do the following:
> Pay to any QR or UPI with the wallet balance
> Bank account linking is not mandatory
> No server downtime on your side
> Instant settlements
> Top-up via UPI, Debit, and Credit Cards
> Receive money directly to your wallet from any digital source
How to use Pocket UPI?
Open the MobiKwik app to create an account or log in. Add funds using a debit/credit card or other payment methods available.
Open your MobiKwik app
Go to Pocket UPI
Tap on the ‘Add Money’ icon
Enter amount
Choose payment option
Enter details, if you are adding for the first time
For cards, you will be redirected to the bank’s secure page for entering OTP and redirected to the MobiKwik app upon completion
How to pay using Pocket UPI
Open MobiKwik app
Tap on the Scan Icon
Scan the recipient’s QR
Enter the desired amount
Choose Pocket UPI from the drop-down menu
Tap on Confirm Payment
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UPI transactions
Fintech innovation in UPI payments has been prominent, attracting significant investments. In March 2024, UPI transactions surged to Rs 19.78 lakh crore, a 40% increase year-on-year. Transaction volume hit a record 1,344 crore, up by 55%. In FY24, UPI processed 13,115 transactions aggregating to Rs 199.29 lakh crore compared with 8,376 crore transactions worth Rs 139 lakh crore in FY23. Projections indicate UPI could reach 100 crore transactions daily by FY27.
