Mobile wallet and Buy Now Pay Later (BNPL) fintech company MobiKwik has collaborated with the National Payments Corporation of India (NPCI) and Axis Bank to launch "MobiKwik RuPay Card".
The card will be free of charge to customers and purely digital. The card is being introduced in line with the growing demand for digital payments across online and brick and mortar stores, the company said.
"The customers can now get up to Rs 2,00,000 of their MobiKwik wallet balance mirrored on the MobiKwik RuPay Prepaid Card. The integration of the card with MobiKwik wallet will allow MobiKwik customers to use the card and wallet balance at over 41 million merchants across 190 countries, in addition to the MobiKwik merchant network," a company statement said.
Also read: Mobikwik enters unicorn club, eyes pre-Diwali IPO at $1.5 $-1.7 billion valuation
Once customers avail of the facility, they will automatically qualify for MobiKwik Zip, a flagship BNPL product, which provides up to Rs 30,000 credit in the user's wallet.
The users can also save extra on each card purchase by benefiting from both RuPay card offers and MobiKwik SuperCash.
MobiKwik Co-founder & COO Upasana Taku said MobiKwik RuPay is the company's second Prepaid Card in a year, and it reaffirms its commitment to financial inclusion in India. "We are diligently working towards bringing innovative products which will deliver a superlative pay later experience to our customers," said Taku.
Axis Bank Deputy MD Rajiv Anand said the MobiKwik RuPay Card is suitable for "young Indians who are looking for cashless, secure, and innovative payment options".
NPCI Chief Digital Officer Arif Khan said the card is curated keeping in mind the growing digital needs of today's users. "Together with MobiKwik, we are confident of enhancing the value of digital transactions by taking this card to the people of India," said Khan.
RuPay will bring in the state of art features on tokenisation, offline transit, and attractive offers across different categories like travel, dining, retail shopping, bill payments, etc.
In addition, 24*7 concierge service will also be available to users for a host of services like the gift or flower delivery assistance, restaurant referral and arrangement, IT return assessment and filing assistance.
Also read: Mobikwik gets SEBI nod for Rs 1,900 crore IPO: Sources