IndusInd Bank, in association with MobiKwik, on Monday announced the launch of a co-branded wallet, “IndusInd Mobikwik”, that allows its customers to pay at the MobiKwik merchant network using their accounts, with a “direct debit feature”. The direct debit feature will allow IndusInd Bank account holders to link their accounts just once and pay using the co-branded app as and when required, thereby eliminating the need to load the MobiKwik prepaid wallet separately.
The transaction is authorized with an additional factor of authentication, in line with mobile banking guidelines. Ritesh Raj Saxena, head, savings, digital and payments, IndusInd Bank, said the partnership with MobiKwik is to leverage the synergies in the payments business between banks and fintechs, to bring the customers the best of both worlds in a seamless fashion.
As of 30 September, private sector lender IndusInd Bank had 1,250 branches and 2,146 ATMs spread across 690 locations in the country. Upasana Taku, co-founder, MobiKwik, said 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 accounts to the merchant, at the press of a button without loading money in their wallet”.