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The fintech sector has rapidly evolved by leveraging technology to offer cutting-edge solutions thatenable users to manage their finances more effectively and securely.

 However, recent data from the Reserve Bank of India (RBI) reveals that during the first half of FY24, over 14,000 banking-related scams took place. As these scams become more sophisticated, fintechs are proactively implementing solutions to strengthen the security and trust of their users.

 MobiKwik, a fintech company is leveraging the power of UPI by enabling its users to make safe transactions with Pocket UPI - a powerful feature that enhances the functionality of its digital Wallet. Pocket UPI enables users to leverage their MobiKwik Wallet to make payments across all operators’ QRs and UPI IDs seamlessly, without directly linking the bank account.

 Pocket UPI enhances security by reducing repetitive exposure to the bank account while making UPI payments. It is a convenient option to make UPI payments for minor and recurring expenses, as it consolidates minor and recurring expenses, decluttering bank statements for improved financial visibility. It works 24/7 even during bank downtimes.

 How to get started with Pocket UPI? The process is easy:

 First, scroll down on the MobiKwik app and select Pocket UPI. To create your Pocket UPI ID, you must first complete the KYC. 

Load your MobiKwik Wallet. You can add balance to your Wallet using UPI, debit cards and credit cards.

Once your balance is topped up, you can start making UPI payments through the Wallet to any QR code, contact, and UPI ID.

How to pay using Pocket UPI?

Tap on the scan icon.

1. Scan the recipient’s QR code or enter the name/phone number/UPI ID in the bottom bar.
2. Enter the desired amount.
3. Choose Pocket UPI from the drop-down menu.
4. Tap on confirm payment.

 

Once the payment is made, MobiKwik will send you an alert via text message to confirm the payment along with the remaining balance in your Wallet.

 

To learn more about how Pocket UPI works, please take a look at our blog. You can also check out this video to see Pocket UPI in action: Know how to use Pocket UPI.

About MobiKwik

MobiKwik is a fintech company that is a comprehensive provider of financial products and services. Our products range from payments to digital credit and investments, enabling our users to meet their financial needs.

Founded in 2008 by Bipin Preet Singh and Upasana Taku, MobiKwik has grown to serve over 146.94 million registered users across India, with a merchant network of over 3.81 million as of September 30, 2023.

For further information, please contact:

Mrinall Kanti Dey

VP & Head – Corporate Communications Mrinall.dey@mobikwik.com Mobile: +91 9818449509

Mebin Mathew -  Senior Manager – Current Global

Mmathew@currentglobal.com Mobile: +91 9899548502