MobiKwik, ICICI Bank Partner To Let Users Load Their Mobile Wallet Via Bank Cash Deposits

While mobile wallet usage has grown over last year, many shoppers still don’t use them for making transactions over the internet. People have different reasons for it, but for me the hassle of loading up my mobile wallet is the biggest issue.

One main reason for the lack of usage of mobile wallets is that one needs to have a bank account for transferring money into one’s account using either net banking or credit/debit cards.

Luckily, MobiKwik has acknowledged this issue and has found an easy solution to counter this problem. It has tied up with India’s leading private bank- ICICI Bank to let MobiKwik wallet users load up money into their account via cash deposit!

“We are proud to be the first mobile wallet in the country to allow adding of direct cash into the wallet. We believe our tie-up with India’s largest private-sector bank – ICICI, is a big step forward for the entire mobile payments industry as it paves the way for not only unbanked customers to access digital services, but also brings those millions of users into the fold who experience difficulty in exercising net banking or making any online payment with their debit or credit cards. This is a big step for us in our vision to have over 100 million users by the end of 2015. We expect to strike more such tie-ups going ahead,” said Bipin Preet Singh, Founder & CEO at MobiKwik.

This will let over 900 million mobile users in the country (including those without a bank account) to make transaction over the internet without any hassle. The process of doing this is so simple that this tie-up will surely boost MobiKwik users base by a significant amount.

Loading Up MobiKwik Wallet Thru Cash transfer

1. Open MobiKwik app and select CashPay option.

2. Enter your Name and the amount you want to transfer to your wallet for generating a unique Order ID. The app will let you know the details of the nearest branch of ICICI bank from your location.

3. Visit any branch of ICICI bank as per your convenience and take a Cash Deposit form.

4. Now fill the ‘Account number’ field in the form with your unique ‘Order ID’ and write ‘One MobiKwik Systems Pvt. Ltd.’ In the field of ‘Name of Account Holder’. Also fill up the rest of fields like date, ‘Particulars of Cash’, ‘Amount in Words’ like you always do and submit the form.

5. That’s it. The amount will get reflected into your MobiKwik wallet immediately.

The cash deposit system is currently available at all ICICI Bank branches across Delhi-NCR and will be extended across the whole country soon.

MobiKwik users can use this cash in their wallet for making purchases at 50,000 merchants including Myntra, PVR, Cleartrip, Cafe Coffee Day, etc. This will also let about 17 million MobiKwik users to send money to their family and friends.

This MobiKwik-ICICI Bank tie-up will help millions of smartphone users in India who either don’t have a bank account or are afraid of using their credit cards for making purchases over the internet. Now they can shop without the fear of revealing their internet banking ID and credit card numbers.

We would like to know more about the security of making payments via MobiKwik mobile wallet, but it looks much more secure than credit cards, as far as phishing attacks are concerned.