MobiKwik will soon launch virtual prepaid card for its customers. For this, the company has tied up with IDFC Bank and Net 1. As per the report, the co-branded virtual prepaid card will be launched in December and will boost MobiKwik’s wallet acceptance for Visa’s network.
According to Upasana Taku, Co-Founder, Mobikwik, “On the first anniversary of demonetization, 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.”
Information says, more than 65 million users of MobiKwik wallet can get access to IDFC Bank virtual cad which will be embedded in the app. The customers now can do digital payment across e-commerce retailers faster and securely. By using the app, the customers can generate a 16 digit Visa virtual card.
“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 digitize payments but make them transformation, from a customer experience standpoint.”, stated Avtar Monga, Executive Director, IDFC Bank.
It may be noted that Earlier MobiKwik has teamed up with some largest companies like Bajaj Finserv Ltd., BSNL, and Induslnd Bank to strengthen its popularity and by this, it aims to influence more than 260 million Indian customers.
“Helped by a growing number of available applications and acceptance platforms, virtual prepaid cards are fast emerging as a popular form of payment among the new breed of online shoppers in India. We are excited to be working with partners like IDFC Bank, and MobiKwik to enable instruments such as the virtual prepaid card, which bring the same level of security, convenience, and ease of use as we have for debit and credit instruments, particularly in the online space.”, informed TR Ramachandran, Group Country Manager, India & South Asia for Visa.