MobiKwik slashes bank transfer fee to 'ZERO'

In the wake of challenges being faced by masses in India due to demonetization, MobiKwik, India's largest independent digital wallet has announced that users will be able to transfer money instantly to any bank account at zero percent fee.

The move is expected to encourage more and more retailers, shopkeepers and users to use mobile wallet and overcome the challenges that they are facing in procuring and using cash.

"We support Indian government's bold currency reform that is a long term move to eliminate black money and corruption in India. However, masses are facing issues in procuring and transacting with cash. To help them overcome this challenge, we have announced zero percent fee on bank transfers," said Co-founder MobiKwik, Bipin Preet Singh.

Earlier, to transfer money from a mobile wallet to the bank, a non KYC user was charged four percent fee and the fee for a KYC user was one percent.

The company has launched a user support number that is operational 24x7.

Users can call on +919029059700 to download MobiKwik app and start sending or receiving money for free.

The company has registered 18 times growth in transactions since the announcement of demonetization.

MobiKwik payments are even easier than cash payments and users can register instantaneously using Truecaller. They can also find nearby merchants using the 'nearby' feature on the app that was launched earlier this year.

Users can load money using their credit/debit cards or net-banking. They can also convert their Payback points, earned from ICICI bank debit/credit cards, Big Bazaar, Central, HP Petrol Pumps, MakeMyTrip, eBay, BookMyShow and American Express; and reward points earned from SBI, Bank of India, Punjab National Bank, Central Bank, Canara Bank, Union Bank and Bank of Baroda to MobiKwik cash.