MobiKwik, one of the largest mobile wallets and Buy Now Pay Later (BNPL) Fintech companies in India, has collaborated with National Payments Corporation of India (NPCI) and Axis Bank to launch “MobiKwik RuPay Card”. The card will be free of charge to customers and purely digital keeping in line with the growing demand for digital payments across online and brick and mortar stores.
The customers can now get up to Rs. 200,000 of their MobiKwik wallet balance mirrored on the MobiKwik RuPay Prepaid Card. The integration of the card with MobiKwik wallet will allow MobiKwik customers to use the card and wallet balance at over 41 million merchants across 190 countries, in addition to the MobiKwik merchant network.
The card users will automatically qualify for MobiKwik Zip, a flagship BNPL product, which provides up to Rs. 30,000 credit in the user’s wallet. The users can also save extra on each card purchase by benefiting from both RuPay card offers and MobiKwik SuperCash.
Commenting on the partnership, Upasana Taku, Co-founder & COO, MobiKwik said, “MobiKwik RuPay is our second Prepaid Card within a span of a year, and it strongly reaffirms our commitment for financial inclusion in India. We are diligently working towards bringing innovative products which will deliver a superlative pay later experience to our customers.”
Commenting on the partnership, Rajiv Anand, Deputy Managing Director, Axis Bank, said, “In line with our vision, we are committed to meet the unique needs of our customers through technology led financial solutions. This MobiKwik RuPay Card is suitable for young Indians who are looking for cashless, secure, and innovative payment options. We believe that the partnership will help us increase the credit footprints in India.”
Mr. Arif Khan, Chief Digital Officer, NPCI said, “We are thrilled to partner with MobiKwik and Axis Bank for the launch of the MobiKwik RuPay Prepaid Card. This card is curated keeping in mind the growing digital needs of today’s users. Together with MobiKwik, we are confident of enhancing the value of digital transactions by taking this card to the people of India.”
RuPay will bring in state of art features on tokenisation, offline transit, and attractive offers across different categories like travel, dining, retail shopping, bill payments etc. In addition, 24*7 concierge service will also be available to users for a host of services like Gift/Flower Delivery Assistance, Restaurant referral & Arrangement, IT Return Assessment & Filing Assistance, etc.
Value propositions of MobiKwik RuPay Card
No Activation Fees
Upto 50% discount on Home Centre and upto 30% discount on Uber bookings when signing up
Personal Accident Insurance (Accidental Death or Permanent Total Disability) of upto INR 200,000
MobiKwik SuperCash on Card purchases
MobiKwik is one of the largest Mobile Wallet and Buy Now Pay Later (BNPL) platforms in India. Founded in 2009, MobiKwik commenced operations as a Mobile Wallet and has since expanded its product offerings to Buy Now Pay Later, Payment Gateway, Wealthtech & Insurtech. Its tech platform has over 101 million Registered Users, 22.3 million pre-approved BNPL users and more than 3.4 million merchant partners. The company launched MobiKwik Zip, its flagship BNPL product in 2019 to provide the fast-growing digitally paying Indians their first credit experience. The company believes that BNPL for daily life payments is a way to deliver financial freedom to millions of Indians.
About Axis Bank
Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,679 domestic branches (including extension counters) and 10,970 ATMs across the country as on 30th September 2021, the network of Axis Bank spreads across 2,658 centers, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation.
For further information on Axis Bank, please refer to the website: www.axisbank.com.
National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organisation for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay. NPCI also launched UPI 2.0 to offer more secure and comprehensive services to consumers and merchants. NPCI is focused on bringing innovations in the retail payment systems through use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.