IndusInd Bank in association with MobiKwik, India's largest issuer-independent digital financial services platform, has launched a co-branded wallet 'IndusInd Mobikwik'. The wallet allows IndusInd Bank customers to pay at the 2 million strong MobiKwik merchant network using their accounts, with a 'Direct Debit Feature'.
The unique 'Direct Debit Feature' will allow IndusInd Bank account holders to link their accounts just once and pay using the Cobrand App as and when required, thereby eliminating the need to load the MobiKwik prepaid wallet separately.
The transaction is authorized with an additional factor of authentication, in line with mobile banking guidelines.
"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 the worlds in a seamless fashion," said Head - Savings, Digital and Payments Business, IndusInd Bank, Ritesh Raj Saxena.
"The latest PPI guidelines of RBI reinforce the roadmap for wallet operators and partnerships with banks, and our association is a significant step in the same direction. Going forward, under this partnership, these common customers will also get the benefit of UPI for purchases at MobiKwik merchants and P2P transfers," added Saxena.
"Our partnership with IndusInd bank is an important milestone in our nation's journey towards becoming a 'digital payments economy'. Besides this retail endeavor, we will be jointly offering payment solutions to corporate viz. employee reimbursements," said Co-Founder, MobiKwik, Upasana Taku.