MobiKwik Partners With IDFC Bank To Launch Virtual Prepaid Card
Partnership marks IDFC Banks biggest foray into the prepaid card segment and significantly enhances MobiKwik wallet acceptance across Visa networkNovember 10, 2017 | comments ( 0 ) |
IDFC Bank, MobiKwik, and Net1 have partnered to launch a co-branded virtual prepaid card on the Visa platform to customers of MobiKwik. Around 65 million users of the MobiKwik wallet will gain access to an IDFC Bank virtual card embedded within the app, making digital purchases at all e-commerce merchants easier and faster.
Customers of MobiKwik can generate a 16-digit Visa virtual card through the app and use it for e-commerce and online transactions. This is one of the largest issuances of virtual prepaid cards globally.
Partnership marks IDFC Bank's biggest foray into the prepaid card segment and significantly enhances MobiKwik's wallet acceptance across Visa's network.
Avatar Monga, executive director IDFC Bank said “The prepaid card space is evolving fast, encouraged by technological disruption and a growing preference for digital payments. IDFC Bank's prepaid solutions seamlessly integrate its technology stack with that of MobiKwik, to not only digitise payments but make them transformational, from a customer experience standpoint. This marks the beginning of a long-term strategic alliance where both partners can leverage their respective strengths. We are delighted to partner MobiKwik, Visa and Net1 for one of the largest ever issuance of prepaid cards”.
Upasana Taku, co-founder Mobikwik said “On the first anniversary of demonetisation, we are happy to note that Indians are fast developing a digital mindset and paying with the MobiKwik wallet has become a habit for millions of Indians. The IDFC powered virtual card will enable MobiKwik users to transact digitally across millions of merchants both on the Mobikwik and Visa networks.”
T R Ramachandran, group country manager India and South Asia for Visa said “Prepaid instruments are rapidly gaining importance to expand the digital payments market in India. With less than 10 percent of personal consumption expenditure being digital in India, a wider variety of payment instruments helps bring more consumers into the digital payments habit. Helped by a growing number of available applications and acceptance platforms, virtual prepaid cards are fast emerging as a popular form of payment amongst the new breed of online shoppers in India”.
Recently, MobiKwik has formed a string of smart partnerships with leading blue-chip brands such as BSNL, Bajaj Finserv Ltd., and IndusInd Bank, thus starting to impact almost 260 million Indians.
MobiKwik has also developed India's first auto-load wallet for IndusInd Bank's 10 million plus customers, who can make purchases just by tapping their wallet and their money gets automatically debited from their IndusInd account.
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