MobiKwik rolls out Pocket UPI; here's how it works

MobiKwik, a fintech startup, has introduced a novel feature named 'Pocket UPI' on its platform, allowing users to do digital payments directly through the MobiKwik wallet without linking their bank accounts. This strategic move is aimed at providing an additional layer of security and flexibility during transactions, empowering users with increased control over budgeting and financial management.

Bipin Preet Singh, the co-founder and CEO of MobiKwik, says, "Fintech is a dynamic sector that needs consistent innovation to meet the demands of users. With Pocket UPI, we believe that we have added new features to the digital wallet."

“By linking UPI directly to bank accounts, users often neglect minor expenses. Pocket UPI streamlines finances by consolidating multiple small transactions into a single wallet, providing users with a powerful tool to manage their finances effectively,” Singh adds.

The primary objective of ‘Pocket UPI’ is to address the tendency of users to overlook minor or recurring expenses when UPI is directly linked to bank accounts. This feature consolidates all UPI transactions within the MobiKwik wallet, offering users a clearer understanding of their spending patterns to facilitate more efficient budgeting and financial tracking.

Furthermore, it enhances security by utilising funds from the MobiKwik wallet for transactions, reducing the risk of compromised transactions and financial fraud associated with direct bank transfers.

‘Pocket UPI’ also ensures ‘uninterrupted’ payment processing, even during bank downtimes, ensuring users can make timely transactions 24/7.

How Pocket UPI works

In terms of functionality, users are required to create a unique wallet UPI ID on the MobiKwik platform and add funds to their wallet using a debit card, credit card, or bank account to utilise ‘Pocket UPI’. Once the wallet is loaded, users can initiate UPI payments directly from their wallet balance. Users have the flexibility to load their wallet with the desired amount for spending and top up as needed, with support for balance loading through credit cards, debit cards, or UPI.

The platform accepts card payments from major networks such as RuPay, Visa, American Express, and Diners Club. Payments using ‘Pocket UPI’ can be conducted across various channels, including merchant QR codes, e-commerce platforms, and peer-to-peer transfers.