Mobikwik is a domestic online payment system which offers a semi-closed wallet service authorized by the Reserve Bank of India. Headquartered in Gurgaon and founded by Bipin Preet Singh and Upasana Taku in 2009, Mobikwik has tied up with various merchants making it a suitable payment option for e-commerce sites. It was initially a payment solution provider which extended its services to mobile apps over the years. Mobikwik got close to $ 5 million in its series A funding. Other major investments that it got was from Cisko, Amex and Treeline worth $ 25 million. Reserve Bank of India authorized Mobikwik with the Prepaid Payment Instrument license on 18 July, 2013. It can be used with more than 1 lakh online and offline avenues.
App: Mobikwik app is available on iOS apple store, Android Playstore and Windows store. A smart phone that supports any of the three app platforms can be used to access the mobikwik app. The app may be used for mobile or DTH recharges, for paying utility bills and insurance premium, for shopping via online and offline merchants and for transferring money to other mobikwik wallets or your bank accounts.
Web Interface: The web user interface of Mobikwik also supports each of the above mentioned features. To login to your mobikwik account through the website, you need to enter your registered mobile number. An OTP (One Time Password) will be sent to your number, upon entering the correct OTP, you will be able to login to your wallet account. You would then be able to pay or transfer money, shop online, book tickets and pay bills through the website.
Debit/Credit card: Your can add money by entering details such as your card number, expiry date, CVV number and your card pin/password or OTP to process the transaction and transfer balance from your card to your mobikwik wallet.
Net Banking: If you find using your net banking credentials easier than entering your card details, you can add money via net banking from your bank account to your wallet account.
Cash Deposit: Mobikwik has tied up with ICICI bank to enable you to add money to your wallet via deposit at bank feature. You can do this by clicking on add money and then on cash deposit. The app will generate an order id and will display deposit centers near you. You can visit one of these centers, fill the order id on the bank slip and submit it along with the cash. After you are done with it, the money will automatically show up in your wallet balance
Cash Pickup: You can also add money to your wallet in the comfort of your home. As soon as you request for cash pickup, a mobikwik official will visit you within 30 minutes. For completing the transaction you need to share the OTP received on your registered mobile number and the updated balance will instantly show up on your wallet passbook. No additional pickup charges are applicable for this service.
*This service is currently available in Mumbai, Delhi/NCR, Jaipur and Surat only and can be opted for from 10 AM in the morning to 6 PM in the evening.
Debit/credit card: Going cashless has never been easier. As long as you have a debit or credit card which works in India and online, you can load money in your Mobikwik wallet in a jiffy. A few key details that you require to enter while processing the transaction include: Card Number, expiry date, CVV number. These transactions are secured with a 2 factor authentication system, hence you will be required to enter OTP received on your registered mobile number.
Internet Banking: In case you are afraid of entering your card details on an online platform, you can opt for the highly secure option of internet banking to add money to your wallet.
Masterpass: In case you have a Masterpass account, you can load money to your mobikwik wallet simply with a tap or two.
Through other mobikwik user:
You can instantly update your wallet balance by requesting a mobikwik user to transfer balance in your wallet, provided the maximum outstanding limit does not exceed the permissible limit at any given point in time.
- Wallet loading limits : A KYC verified customer can add up to Rs. 1 lakh monthly in their wallet, however a non upgraded wallet user can only add up to RS 20,000 in a month
- Wallet to merchant transfer : Merchant transfers worth up to Rs. 20,000 are allowed per mobikwik wallet per month. These limits are subject to change on the discretion of mobikwik authorities to mitigate against fraud.
- Wallet to wallet transfer : User can transfer balance up to Rs 4, 000 per transaction and up to Rs. 10,000 per month to a mobikwik wallet. There is also a cap on the number of such transactions, 5 in a day and 25 in a month is the permissible limit.
- Wallet to bank transfer : One can transfer up to Rs. 1,000 per transaction from wallet to your bank account. However, this limit can be upgraded by upgrading your wallet account and getting the KYC verification done. ( You can simply enter your Aadhar number, if the number registered under Aadhar and Mobikwik wallet are the same)
- Per transaction limit : Every time the transaction occurs, the limit is capped according to the available wallet balance in your mobikwik account.
Payback Loyalty Program: Mobikwik gives you the option to convert your Payback loyalty program points into wallet balance. PAYBACK is a multibrand loyalty program through which you can earn points on the shopping done across more than 50 platforms in India. It works across top Indian merchants like Makemytrip, Bigbazaar, Jabong etc.
You can convert your Payback loyalty points through Mobikwik iOS, anroid app or through website. For successful redemption, you need to be logged in to your Mobikwik account, enter the rewards points you wish to redeem, get an instant PIN and enter the same to convert it to your wallet balance.
Explore Nearby: This is an exclusive app based feature which lets you discover nearby stores, cafes, and restaurants etc. that accept mobikwik mobile payments. There are more than 10,000 offline stores and retail chains like Big Bazaar, Domino’s etc. that accept payments through Mobikwik. The map-based ‘explore nearby’ interface makes it easy for users to locate such places.
Q1. Does Mobikwik charge any fee for opening an account?
A. Opening a Mobikwik account is absolutely free, and no registration fee is charged for opening a mobikwik wallet account.
Q2. While doing a prepaid recharge, the screen displayed an error message, what does this mean?
A. While doing a recharge the error screen might be displayed for one of the following reasons:
- You might have wrongly entered bill details, such as incorrect mobile connection type or wrong operator/ circle.
- You might be trying to recharge with an invalid denomination or incorrect amount.
- Mobikwik might not support the kind of recharge you are trying for.
Q3. If I do not have a credit/ debit card, how can I load money to my mobikwik wallet?
A. You can add money by making use of your net banking credentials and transfer balance from your bank account to wallet account. Alternatively you can opt for cash pickup or cash deposit facility and use cash to load money to your wallet.
*Cash pickup or cash deposit facility can be opted for only through the mobikwik app, the web UI does not support it.
Q4. How much time will it take for the wallet balance to get back to my bank account?
A. Mobikwik starts processing the refund, as soon as you raise the ticket. It usually takes 24-48 hours for the refund to process. However, according to the standard bank procedure it may take 3-15 working days for the amount to reflect in your card or account statement.
Q5. What is the procedure to change the primary number of my mobikwik account?
A. After logging into your account, you can click on ‘My wallet’. You then need to visit the ‘connections section’ to edit the primary number. For the purpose of preventing frauds, you will be required to enter the OTP sent to your registered mobile number.
Q6. If I close my mobikwik account, what will be done to the wallet balance?
A. If you raise a ticket to close your mobikwik account, your unused balanced shall be checked and then it will be transferred back to the source or the bank account you specify. The refund however, might take 3-15 days to reflect in your account statement.
Q7. How can I change the password of my mobikwik account?
A. After logging in to the account, hover your cursor over the wallet balance and then click on the ‘Account settings’ option. You will find the option of setting a new password there, enter your previous password and the new one to change your password.