Paytm rival Mobikwik announces Pocket UPI

The fintech giant, Mobikwik, has introduced Pocket UPI. It is a wallet-based payment option. The feature allows users to make payments without linking their bank accounts.

The introduction of this feature empowers users by providing an additional choice during UPI payments. Mobikwik is focusing on enhancing the convenience factor for customers by simplifying the payment process.

UPI - A history

Launched in India in 2016, the Unified Payment Interface (UPI) is a digital payment platform that allows swift interbank transfers.UPI transactions have made it extremely easy to transfer money or pay for expenses with just a few clicks on your smartphone.UPI transactions are nearly doubling each year.

This gives substantial potential for digital payment service providers like Mobikwik to gain a sizable market share.

MobiKwik Pocket UPI: A Different Approach to UPI

Usually, any transaction done by a customer through UPI is reflected in their bank statement, but with Mobikwik’s new feature Pocket UPI, users can make payments to any UPI without even linking their bank accounts.

Mobikwik says that users can have the option to add balance to their wallet using various payment modes like:-

• Debit cards
• Credit cards
• UPI

It also supports various network options including RuPay, Visa, American Express & Diners Club cards offering convenience to customers.

What Makes MobiKwik's Pocket UPI Stand Out?

Mobikwik is gaining an edge over its competitors by launching Pocket UPI. With their unique wallet-based payment option, users can make UPI payments without linking their bank account. Here are a few key features of Pocket UPI which are driving Mobikwik forward:-

• Increased Wallet Capacity-MobiKwik's Pocket UPI feature allows for a wallet capacity of up to Rs. 2 lakhs. It leads to fewer top-ups and a cleaner bank statement.
• No need to link your bank account- Mobikwik offers the convenience of loading the wallet for UPI payments without linking a bank account. This feature enhances the security of customers against potential scams.
• High Transaction Limit-Pocket UPI allows payment of up to Rs. 1 lakh in a day. This helps to cover all expenses of the customer in a day.
• Flexibility in receiving money-Customers can choose to receive money in their bank account or wallet through Pocket UPI

About Mobikwik

Mobikwik is an India-leading digital banking platform. It is one of the largest mobile wallets (Mobikwik Wallet) and Buy Now Pay Later (BNPL) players in India based on mobile wallet gross merchandise value (GMV) and BNPL GMV.

Mobikwik initially started with key services which included:

• Bill Payment.
• Money Transfer.
• UPI Payment.

Later they also expanded their business to include diverse financial services like:

• Credit Line.
• Insurance.
• Gold.
• Mutual Fund.

Mobikwik IPO News

• Mobikwik has recently refiled the draft red herring prospectus for a potential IPO worth Rs. 700 cr, planned for later this year.
• The IPO will be entirely fresh issuance, with no offer for sale (OFS) from existing shareholders.

The number of users making digital payments in India has consistently grew over the past decade. Here's below data which shows why Mobikwik is performing well in the industry and has a better outlook on mobikwik share price.

• Mobikwik has over 140 million registered users.
• It collaborates with more than 4.1 million merchants.
• The company's revenue rose by 80% to Rs. 543 Cr in FY 2021-22.

The company has strong growth potential with its increasing focus on combining the comfort of everyday mobile payments with the benefits of Buy Now Pay Later (BNPL).Shares of Mobikwik are currently being traded as unlisted in India. It plans strategic growth initiatives to make it an exciting investment proposition.

How can you buy Mobikwik shares?

Mobikwik shares currently trade in the unlisted stock market Stockify helps you to invest in Mobikwik through its unlisted shares.

We offer deep research insights on unlisted shares like the current mobikwik unlisted share price and act as a bridge for your investment in unlisted shares.Remember that investments come with inherent risks, so we advise conducting thorough research before buying these unlisted shares.Connect to know more about investing in Pre-IPO stocks.