Private lender IndusInd Bank has launched its all-new m-wallet in association with Mobikwik. This jointly introduced option will enable the bank’s customers to make payments using the MobiKwik merchant network.
The direct debit feature will assist the bank’s account holders to sync their accounts just once and pay using the co-branded app as per the requirement, without using the MobiKwik prepaid wallet separately.
“The transaction is authorised with an additional factor of authentication, in line with mobile banking guidelines,” said an official communiqué by the bank.
“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,” said Ritesh Raj Saxena, head, savings, digital and payments, IndusInd Bank.
“The latest PPI guidelines of RBI reinforce the roadmap for wallet operators and partnerships with banks…,” he said.
As on 30 September, the bank had 1,250 branches and 2,146 ATMs operational across 690 locations in the country.
“The special wallet will reach 10 million IndusInd Bank customers to help them perform convenient money transfers from their accounts to the merchants,” said Upasana Taku, co-founder, MobiKwik.