Synopsis : Explore the convenience of MobiKwik's Pocket UPI, enabling seamless payments without the hassle of linking bank accounts.
Last month, MobiKwik introduced its new feature 'Pocket UPI,' aimed at revolutionizing user finance management and Unified Payments Interface (UPI) transactions. This innovative feature allows users to conduct instant UPI transactions directly from their MobiKwik wallets without the necessity of linking their bank accounts, simplifying the process with a mere tap on their smartphones.
Pocket UPI offers a protective shield to users against compromised transactions and financial fraud by leveraging funds from the MobiKwik Wallet instead of their bank account, thus minimizing exposure during financial transactions. This functionality significantly enhances the utility of digital wallets, enabling seamless transactions across various platforms, including payments through any operator's QR codes and UPI IDs without any complications.
Key highlights of Pocket UPI include the ability to pay to any QR code or UPI ID using the wallet balance without mandatory bank account linking, ensuring no server downtime, facilitating instant settlements, enabling top-up via UPI, debit, and credit cards, and allowing direct receipt of funds into the wallet from any digital source.
Using Pocket UPI is straightforward. Users need to open the MobiKwik app, create an account or log in, add funds using a debit/credit card or other available payment methods, and follow simple steps to initiate transactions. To pay using Pocket UPI, users scan the recipient's QR, enter the desired amount, choose Pocket UPI from the dropdown menu, and confirm the payment—all done seamlessly within the MobiKwik app interface.
The introduction of Pocket UPI comes at a time of remarkable growth in UPI transactions, with significant investments driving fintech innovation in this space. In March 2024 alone, UPI transactions surged to Rs 19.78 lakh crore, witnessing a 40% year-on-year increase, and transaction volume hit a record 1,344 crore, reflecting a 55% rise. With projections indicating a potential daily transaction volume of 100 crore by FY27, the introduction of innovative features like Pocket UPI marks a significant milestone in the evolution of digital payments in India.
