The fintech startup MobiKwik introduced a brand-new function on Monday called “Pocket UPI,” which lets customers use the MobiKwik Wallet to send money to other people without having to link their bank account.
According to a statement from the company, “Pocket UPI” would help simplify bank statements by combining all UPI transactions into one place, providing a better understanding of consumers’ spending patterns.
Users can add money to their Wallet as needed, then top it off again as needed. Credit card, debit card, or UPI balance loading is supported by the platform.”
“We think we have added new features to the digital wallet with Pocket UPI,” stated MobiKwik CEO and co-founder Bipin Preet Singh.
All card systems, including RuPay, Visa, American Express, and Diners Club, are accepted for card payments using “Pocket UPI.”
According to the company, payments made using Pocket UPI may be made through a variety of channels, including peer-to-peer transfers, e-commerce sites, and merchant QR codes.
Because UPI is directly linked to bank accounts, customers frequently overlook little costs. By combining several little transactions into a single wallet, Pocket UPI simplifies money management, according to Singh.
According to the firm, Pocket UPI would also reduce risk for consumers while performing financial transactions by moving money from the MobiKwik Wallet rather than their bank account. This will protect users from compromised transactions and financial fraud.
