IDFC Bank partners with MobiKwik to launch virtual in-app prepaid card

IDFC Bank, MobiKwik and Net1 have come together to launch a co-branded virtual prepaid card on Visa platform.

Around 65 million users of MobiKwik will gain access to an IDFC Bank virtual card embedded within the app, making digital purchases at all e-commerce merchants easier and faster, MobiKwik said in a statement.

Customers of MobiKwik can generate a 16-digit Visa virtual card through the app and use it for e-commerce and online transactions, it said.

The co-branded card is set to be launched in early December, it said.

The partnership marks IDFC Bank's biggest foray into the prepaid card segment and significantly enhances MobiKwik's wallet acceptance across Visa's network, it said.

Net 1, an international payments company, is a partner and a strategic investor in MobiKwik, has provided its proprietary virtual pre-paid card life-cycle management technology for this.