IDFC Bank-MobiKwik has entered into partnership for the launch of a co-branded virtual Visa prepaid card for customers of MobiKwik. A person who is not the customer of IDFC bank will also be able to get co-branded pre-paid card. This Visa pre-paid card is replica of the wallet and can be used anywhere.
The user base of MobiKwik is over 65 million and is raising at rapid speed as in previous year, reach of MobiKwik has gone up from 1 lakh to 20 lakh merchants.
MobiKwik’s aim behind partnering with IDFC bank is to increase its users limits. Currently MobiKwik usage is limited up to on MobiKwik merchants but now customers will be able to pay anywhere where Visa is accepted.
IDFC Bank has made the “going digital” a key part of their strategy and banking as a platform is an important part of their strategic growth initiative.
Currently giant Indian online shopping companies like Amazon or Flipkart do not allow MobiKwik wallet usage for shopping. But, with virtual Visa prepaid card users of MobiKwik will now be able to shop from both Amazon or Flipkart.
A user will be able to generate a Visa pre-paid card through MobiKwik App.