MobiKwik, a fintech startup, has introduced a novel feature called “Pocket UPI” on its platform that allows users to make digital payments directly through MobiKwik wallet without linking their bank accounts. This strategic move aims to provide an additional layer of security and flexibility in transactions and allow users greater control over budgeting and financial management.
Bipin Preet Singh, Co-founder and CEO, MobiKwik, said: “Fintech is a dynamic sector that requires consistent innovation to meet user needs. We believe we have added new features to the digital wallet with Pocket UPI.”
“By linking UPI directly to bank accounts, users often neglect smaller expenses. Pocket UPI streamlines finances by consolidating multiple small transactions into a single wallet, providing users with a powerful tool to effectively manage their finances,” adds Singh.
The main goal of “Pocket UPI” is to counter the tendency of users to overlook small or recurring expenses when UPI is directly linked to bank accounts. This feature consolidates all UPI transactions within the MobiKwik wallet, providing users with a clearer understanding of their spending patterns to enable more efficient budgeting and financial tracking.
In addition, it increases security by using funds from the MobiKwik wallet for transactions, reducing the risk of compromised transactions and financial fraud associated with direct bank transfers.
'Pocket UPI' also ensures 'uninterrupted' payment processing, even during bank downtimes, enabling users to conduct timely transactions 24/7.
This is how Pocket UPI works
In terms of functionality, users need to create a unique wallet UPI ID on the MobiKwik platform and add funds to their wallet using a debit card, credit card or bank account to use “Pocket UPI”. Once the wallet is loaded, users can initiate UPI payments directly from their wallet balance. Users have the flexibility to top up their wallet with their desired spending amount and top up on demand, with support for topping up via credit cards, debit cards or UPI.
The platform accepts card payments from major networks such as RuPay, Visa, American Express and Diners Club. Pocket UPI payments can be processed through various channels, including merchant QR codes, e-commerce platforms and peer-to-peer transfers.
