Demonetisation: MobiKwik launches virtual card system for payments to retailers
The card system is similar to credit and debit cards and will work on all online platforms and POS machines.
MobiKwik on Thursday announced the launch of a MobiKwik card similar to the credit and debit cards. It said that users will be able to use MobiKwik for payments across all online and offline retailers and shops, where credit and debit cards are accepted by January 2017.
South Africa-based payments solutions Net1 UEPS Technologies Inc, also a strategic investor inre MobiKwik, will be helping the company with their proprietary Card technology for the initiative, it said in a statement.
“With just one click, users can generate MobiKwik Card from the app and share details of the card with any online or offline retailer for payment. The card will work on all online platforms and PoS machines. It is the safest way to pay through cards as users do not have to share their bank or card details with the merchant and new cards are generated within their MobiKwik app, each time for transactions,” said the company.
Upasana Taku, Co-founder of MobiKwik said, “We have increased our on ground workforce twelve times and MobiKwik payments will soon be accepted by additional 1 million retailers directly. However, even then we can’t reach every retailer in this country in the next two months, thus, we are launching MobiKwik Card in partnership with our investor Net1. MobiKwik Card will help users pay through their wallet without having to worry about the merchant’s inclusion in our network. They can generate a new card every time to make payments and use MobiKwik wallet pan India, for any purchases.”
Users’ MobiKwik balance will also be the balance of the card, which can be used 100% for purchases, it said.
“In India, only 9 million credit cards are active as people are not comfortable sharing their card details for purchases. MobiKwik Cards will help such users transact online and offline effortlessly.” Upasana added.
Net1 is a provider of Universal Electronic Payment System (UEPS) which facilitates biometrically secure real-time electronic transaction processing to unbanked populations online and offline.