IndusInd Bank has tied up with digital mobile wallet MobiKwik to launch a co-branded wallet ‘IndusInd Mobikwik’, which allows IndusInd Bank customers to pay for the 2 million strong MobiKwik merchant network using their accounts, with a ‘Direct Debit Feature’.
Private sector lender IndusInd Bank had 1,250 branches and 2,146 ATMs spread across 690 locations in the country. Following this partnership, it will leverage Gurugram-headquartered digital wallet platform, which has a network of over 20,00,000 direct merchants and over 65 million users.
“It’s a privilege to partner with IndusInd Bank as this special wallet created by MobiKwik will enable 10 million IndusInd Bank customers to easily perform digital payments by seamlessly transferring money from their bank account to the merchant, at the press of a button without loading money in their wallet,” said Upasana Taku, Co-Founder, MobiKwik.
Taku further added, “Our partnership with an 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.”
Founded in 2009 by Bipin Preet Singh and Upasana Taku, the e-wallet company has so far raised $80 million from investors including Sequoia Capital, American Express, Tree Line Asia, Cisco Investment, and Mediatek. In 2013, it received a licence from RBI to launch its digital wallet.
Earlier, this month, Fintech company Bajaj Finserv after an investment of Rs 225-crore in the digital mobile wallet company for an 11% stake has announced its foray into fintech lending business, which was followed by MobiKwik’s partnership with IRCTC’s Rail connect app. In July, this year, the mobile wallet platform tied up with Samsung Pay, which is the proprietary mobile payment platform for Samsung’s high-end phones to offer one-tap payment service.