MobiKwik Introduces Pocket UPI: Everything You Need To Know About The Product, From Features To Benefits!
The introduction of Pocket UPI is the latest offering from fintech behemoth MobiKwik in the digital payments market. With its ease and security, this feature promises to completely transform how consumers handle their funds and perform Unified Payments Interface (UPI) transactions.
With Pocket UPI, consumers may perform transactions without having to physically connect their bank accounts. Users may use their MobiKwik wallets to expeditiously complete UPI transactions with a few clicks on their cellphones.
Users just need to launch the MobiKwik app in order to get started, after which they can choose to either register for a new account or sign in using their current login information. Users may choose from a variety of payment methods, such as debit/credit cards or other accessible alternatives, making it easy to add dollars to their wallet.
When it comes time to pay, users of the MobiKwik app may go to the payment area and choose ‘Pocket UPI’ as their preferred payment method. Users may be required to verify the transaction using a PIN, fingerprint, or other security procedures, depending on the security settings they have selected.
The increased security that Pocket UPI provides is one of its main advantages. Instead of having direct access to customers’ bank accounts, the balance in the MobiKwik Wallet is used, thus lowering the possibility of fraudulent transactions. The CEO of NeoFinity, Payment & Fintech, Neo Group, Rayan Malhotra, stressed the significance of this improved security and gave consumers the reassurance that their private financial information is secure inside the MobiKwik ecosystem.
The introduction of Pocket UPI coincided with an exponential increase in UPI transactions in India. The ‘India Digital Payments Report’ (H2 2023) from Worldline India states that between July and December 2023 (H2 FY24), UPI transactions saw an extraordinary 56% increase in volume and 44% increase in value.
In a similar move, the Reserve Bank of India (RBI) said that it would permit the use of UPI in place of debit cards. The purpose of this action is to improve consumer convenience and expedite banks’ cash handling procedures.
