MobiKwik launches Mobile Money Transfer Service

MobiKwik-LogoNew Delhi, India, August 22, 2014: MobiKwik, a mobile wallet service provider, is experiencing increasing adoption in its new wallet-to-wallet (W2W) money transfer service with more than 1.5 Lakh money transfers taking place in the last two months.

Launched on June 20, the new W2W service allows MobiKwik’s eight million registered users to make digital and mobile money transfers direct to consumers in one simple click.

MobiKwik Co-founder Upasana Taku said “As acceptance of online payments and mobile wallet usage grows, Indian consumers are looking for simpler ways to make electronic transfers. This new feature gives consumers the convenient option of paying anyone at any time, from anywhere in a highly secure manner.”

The new W2W service also includes a unique ‘Request Money’ feature which provides users a simple method of alerting others of any pending payments.

“Transfers as little as Rs. 1 or as high as Rs. 5,000 can be made in a single transfer – to date we have seen approximately Rs. 1 Crore exchanged via the service. People are utilising the W2W feature for various reasons however some regular transactions we are seeing include people splitting bills, students and working professionals transferring money for bill payments, and friends exchanging money for group gift purchases.”

To ensure the security of the W2W service a One Time Password (OTP) is generated before each wallet money transfer is made.

Understanding that a seamless user experience is critical for any digital payment service, an updated version of the MobiKwik app is released every 15 days. MobiKwik also runs various promotions with its 700 strong online commercial partner base which includes Book My Show, eBay, Domino’s, RedBus, and FashionAndYou.

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