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IndusInd Bank, in association with MobiKwik, on Monday announced the launch of a co-branded wallet 'IndusInd Mobikwik' that allows its customers to pay at the MobiKwik merchant network using their accounts, with a 'Direct Debit Feature'.
The direct debit feature will allow IndusInd Bank account holders to link their accounts just once and pay using the co-branded app as and when required, thereby eliminating the need to load the MobiKwik prepaid wallet separately.
"The transaction is authorised with an additional factor of authentication, in line with mobile banking guidelines," a release said.
Ritesh Raj Saxena, HeadSavings, Digital and Payments Business, IndusInd Bank said the partnership with MobiKwik is to leverage the synergies in the payments business between banks and fintechs, to bring the customers the best of both worlds in a seamless fashion.
"The latest PPI guidelines of RBI reinforce the roadmap for wallet operators and partnerships with banks...," he said.
As on September 30, private sector lender IndusInd Bank had 1,250 branches and 2,146 ATMs spread across 690 locations in the country.
Upasana Taku, co-founder, MobiKwik said this special wallet created by MobiKwik will enable 10 million IndusInd Bank customers to "easily perform digital payments by seamlessly transferring money from their bank accounts to the merchant, at the press of a button without loading money in their wallet".
MobiKwik app is a leading mobile payment platform with a network of over 20,00,000 direct merchants and 65 million plus users.