IndusInd bank launches m wallet in association with MobiKwik

IndusInd bank in association with MobiKwik launches its M wallet IndusInd Mobikwik that allows its customer to pay at MobiKwik customer’s network using their accounts with a direct debit feature. The direct debit feature will allow IndusInd Bank account holders to link their accounts just once and pay using the co-branded app as and when required, thereby eliminating the need to load the MobiKwik prepaid wallet separately.

IndusInd release said "The transaction is authorised with an additional factor of authentication, in line with mobile banking guidelines.”

Ritesh Raj Saxena, Head Savings, Digital and Payments Business, IndusInd Bank said “the partnership with MobiKwik is to leverage the synergies in the payments business between banks and fintechs, to bring the customers the best of both worlds in a seamless fashion. The latest PPI guidelines of RBI reinforce the roadmap for wallet operators and partnerships with banks.”

Upasana Taku, co-founder, MobiKwik said “this special wallet created by MobiKwik will enable 10 million IndusInd Bank customers to "easily perform digital payments by seamlessly transferring money from their bank accounts to the merchant, at the press of a button without loading money in their wallet".