Mobile payments network and mobile wallet startup, MobiKwik has launched a Unified Payment Interface (UPI) on its platform, giving users an option to load their wallet with e-cash. The company already has options of net banking, credit & debit card, and the exclusive cash pickup and cash deposit service for wallet loading.
Speaking on the launch, Mrinal Sinha, Chief Operating Officer at MobiKwik said, “MobiKwik users now have an additional option for real time wallet loading with UPI. Users can use their MobiKwik e-cash at over 100,000 online and offline merchants across India.”
The company is the latest among the payment startups to launch UPI. Razorpay, Instamojo, and Freecharge have already implemented UPI on their platforms.
UPI is a unique payment platform, which was recently launched by the Reserve Bank of India-backed National Payments Corporation of India (NPCI). It’s built to empower customers to initiate payment requests through their smartphone. It provides a Virtual Payment Address (VPA), through which users can send and receive money on a two-factor authentication.