MobiKwik announces MobiKwik Card to replace debit, credit cards

Mobile wallet major, MobiKwik, today announced that its users will be able to use MobiKwik for payments across all online and offline retailers and shops, where credit and debit cards are accepted by January 2017.

Net1 UEPS Technologies Inc, South Africa headquartered global payments solutions and transaction processing company, also a strategic investor in MobiKwik will be helping the company with their proprietary Card technology for the initiative. This is a noteworthy step in MobiKwik wallet payments ubiquitous.

With just one click, users can generate MobiKwik Card from the app and share details of the card with any online or offline retailer for payment. The card will work on all online platforms and PoS machines. It is the safest way to pay through cards as users do not have to share their bank or card details with the merchant and new cards are generated within their MobiKwik app, each time for transactions.

Speaking on the announcement, Upasana Taku, Co-founder of MobiKwik said, "Our endeavour is to enable very Indian to transact digitally. We have increased our on ground workforce twelve times and MobiKwik payments will soon be accepted by additional 1 million retailers directly. However, even then we can't reach every retailer in this country in the next two months, thus, we are launching MobiKwik Card in partnership with our investor Net1. MobiKwik Card will help users pay through their wallet without having to worry about the merchant's inclusion in our network. They can generate a new card every time to make payments and use MobiKwik wallet pan India, for any purchases."

Users' MobiKwik balance will also be the balance of the card, which can be used 100% for purchases.

"In India, only 9 million credit cards are active as people are not comfortable sharing their card details for purchases. MobiKwik Cards will help such users transact online and offline effortlessly." Upasana added.

In the wake of demonetization, this move is of paramount importance as so far, users can use their wallets only at places where the wallet company has a tie up. With this, MobiKwik wallet can be used across India.

MobiKwik is India's leading wallet with many firsts to its credit. The company was the first to launch mobile wallets in India in 2009. MobiKwik has since then introduced innovations such as Nearby, Cash loading in MobiKwik wallet through cash pick up and cash deposit and Bubble Pin that enables offline mobile wallet payments without network. Within November, the company has added 1,50,000 retailers to its network and has a network reach of over 2,50,000 retailers in India.

Net1 is a provider of Universal Electronic Payment System (UEPS) which facilitates biometrically secure real-time electronic transaction processing to unbanked populations online and offline. Net1 is a leading payment processor in South Africa and Republic of Korea and offers VISA and MasterCard issuing services in China, APAC territories, Europe and Africa.