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Mobile wallet company Mobikwik has partnered with private sector lender IndusInd to launch a co-branded wallet 'IndusInd Mobikwik.
The new partnership will allow IndusInd Bank customers to pay for the 2 million strong MobiKwik merchant network using their accounts, with a "Direct Debit Feature".
Ritesh Raj Saxena, Head-Savings, Digital & Payments Business, IndusInd Bank said, "The partnership with MobiKwik is to leverage the synergies in the payments business between Banks and fitness, to bring the customers the best of both the worlds in a seamless fashion. "
"The latest PPI guidelines of RBI reinforce the roadmap for wallet operators and partnerships with Banks, and our association is a significant step in the same direction. Going forward, under this partnership, these common customers will also get the benefit of UPI for purchases at MobiKwik merchants and p2p transfers, Saxena said.
IndusInd Bank said that the unique 'Direct Debit Feature' will allow IndusInd Bank account holders to link their accounts just once and pay using the co-branded application as and when required, thereby eliminating the need to load the Mobikwik prepaid wallet separately.
The transaction is authorized with an additional factor of authentication, in line with mobile banking guidelines.
Upasana Taku, Co-Founder, MobiKwik, "It's a privilege to partner with IndusInd Bank as 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 account to the merchant, at the press of a button without loading money in their wallet."
Taku further said, "Our partnership with an IndusInd bank is an important milestone in our nation's journey towards becoming a 'digital payments economy'. Besides this retail endeavor, we will be jointly offering payment solutions to corporate viz. employee reimbursements."