Page 24 - Banking Finance December 2021

PRESS RELEASE

MobiKwik Launches 'MobiKwik RuPay Card' in Association with NPCI

and Axis Bank

MobiKwik, one of the largest mobile wallets and Buy Now products which will deliver a superlative pay later
Pay Later (BNPL) Fintech companies in India, has experience to our customers.”
collaborated with National Payments Corporation of India Commenting on the partnership, Rajiv Anand, Deputy
(NPCI) and Axis Bank to launch “MobiKwik RuPay Card”. The Managing Director, Axis Bank, said, “In line with our vision,
card will be free of charge to customers and purely digital we are committed to meet the unique needs of our
keeping in line with the growing demand for digital customers through technology led financial solutions. This
payments across online and brick and mortar stores. MobiKwik RuPay Card is suitable for young Indians who are
The customers can now get up to Rs. 200,000 of their looking for cashless, secure, and innovative payment
options. We believe that the partnership will help us increase
MobiKwik wallet balance mirrored on the MobiKwik RuPay
Prepaid Card. The integration of the card with MobiKwik the credit footprints in India.”
wallet will allow MobiKwik customers to use the card and Mr. Arif Khan, Chief Digital Officer, NPCI said, “We are
wallet balance at over 41 million merchants across 190 thrilled to partner with MobiKwik and Axis Bank for the
countries, in addition to the MobiKwik merchant network. launch of the MobiKwik RuPay Prepaid Card. This card is
curated keeping in mind the growing digital needs of
The card users will automatically qualify for MobiKwik Zip,
today’s users. Together with MobiKwik, we are confident
a flagship BNPL product, which provides up to Rs. 30,000
of enhancing the value of digital transactions by taking this
credit in the user’s wallet. The users can also save extra on card to the people of India.”
each card purchase by benefiting from both RuPay card
RuPay will bring in state of art features on tokenisation,
offers and MobiKwik SuperCash.
offline transit, and attractive offers across different
Commenting on the partnership, Upasana Taku, Co-founder categories like travel, dining, retail shopping, bill payments
& COO, MobiKwik said, “MobiKwik RuPay is our second etc. In addition, 24*7 concierge service will also be available
Prepaid Card within a span of a year, and it strongly to users for a host of services like Gift/Flower Delivery
reaffirms our commitment for financial inclusion in India. Assistance, Restaurant referral & Arrangement, IT Return
We are diligently working towards bringing innovative Assessment & Filing Assistance, etc.

HPCL and IDFC FIRST Bank Partner to Enable Fuel Payments Using

FASTag

IDFC FIRST Bank and Hindustan Petroleum Corporation Ltd. (HPCL) today signed an agreement to facilitate fuel payments
by motorists at HPCL’s retail outlets using the Bank’s FASTags. Further, IDFC FIRST Bank’s FASTags can now also be bought,
recharged and replaced by passenger vehicle users at select HPCL retail outlets.
This partnership makes the purchase and use of tags convenient for five million motorists using IDFC FIRST Bank FASTags
at HPCL retail outlets. The agreement was signed in Mumbai at an event attended by the senior management of HPCL
and IDFC FIRST Bank.
So far, FASTags have only been used to pay for toll charges. Last year, IDFC FIRST Bank was the first to introduce fuel
payments using FASTag balances for commercial vehicles users at HPCL retail outlets, through DriveTrack Plus POS
terminals. Positive feedback from these users encouraged the Bank to extend the facility to personal vehicle users as
well.
Personal vehicle users can now start using IDFC FIRST Bank’s FASTags to pay for fuel purchases at HPCL retail outlets and
avail an attractive reward points. Payments using the FASTag balance can now be made by linking the FASTag to the “HP
Pay” mobile application.

24 | 2021 | DECEMBER | BANKING FINANCE