MUMBAI:
IDFC Bank
,
MobiKwik and Net1 have partnered to launch a co-branded virtual prepaid card on the Visa platform to customers of MobiKwik.
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The partnership marks IDFC Bank’s biggest foray into the prepaid card segment and enhances MobiKwik’s wallet acceptance across Visa’s network. Net1 is a partner and a strategic investor in MobiKwik.
The co-branded card is set to be launched in early December. With this, around 65 million users of the MobiKwik will gain access to an
IDFC Bank virtual card
embedded within the app. MobiKwik users can generate a 16-digit Visa virtual card through the app and use it for online transactions.
"The prepaid card space is evolving fast, encouraged by technological disruption and a growing preference for digital payments. IDFC Bank’s prepaid solutions seamlessly integrate its technology stack with that of MobiKwik, to not only digitise payments but make them transformational, from a customer experience standpoint," said Avtar Monga, Executive Director, IDFC Bank.
Upasana Taku, Co-Founder, Mobikwik said, “On the first anniversary of demonetisation, we are happy to note that Indians are fast developing a digital mindset and paying with the MobiKwik wallet has become a habit for millions of Indians. The IDFC powered virtual card will enable MobiKwik users to transact digitally across millions of merchants both on the Mobikwik and Visa networks.”
In addition to convenience and safety, prepaid solutions aims to provide users enhanced flexibility, making them user-friendly payment alternatives.
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