MobiKwik Launches Aadhaar ‘eKYC’, To Update e-Wallets in Real Time
MobiKwik, the largest independent mobile payments company in India has launched eKYC for its users.
eKYC is RBI approved, paperless process for fulfilling KYC requirements that will allow MobiKwik users to upgrade their wallet with Aadhaar card in real time.
Once a user requests eKYC on the app, a company representative will reach the user’s location within 30 minutes and do real time wallet upgrade.
“This launch further simplifies the wallet experience for our users and they can now avail benefits of a KYC account within half an hour,” said Chief Operating Officer MobiKwik, Mrinal Sinha.
UIDAI’s e-KYC service enables KYC process to be performed electronically with explicit authorization by resident.
As part of the e-KYC process, the resident authorizes UIDAI (through Aadhaar authentication using biometric/iris) to provide their demographic data along with their photograph (digitally signed and encrypted) to service providers.
“eKYC revolutionizes mobile wallet upgrades as its paperless, consent based and the safest way to upgrade. We are confident that most of our users will find this service exceptionally useful,” Mrinal added.
Earlier this year, MobiKwik had started offering instant micro-loans to wallet users running short on balance as part of its efforts to boost digital payment usage in the country.
The company had recently raised USD 50 million in funding, led by Japanese payments firm Gateway and Taiwanese chip maker MediaTek.
Oxigen Wallet ties up with HPCL, MobiKwik eKYC and Barclays Rise
Oxigen Wallet partners with HPCL for payments
Oxigen Wallet has partnered with Hindustan Petroleum Corporation Limited (HPCL) for payments at fuel stations. At present, 61 HPCL outlets across India, including New Delhi, Noida & Greater Noida, Gurgaon, Mumbai, Kolkata, Bangalore and Chennai are prepped to accept payments directly from the Oxigen Wallet mobile app. The company added that it will be extending the facility to more than 2,000 HPCL outlet to accept payments from the wallet.
Users intending to pay via the wallet need to give their mobile phone number at the counter. The number will be fed to a POS machine which will trigger an OTP. The user has to share the OTP at the counter again and the money will be deducted from Oxigen’s wallet.
How Paytm wants to change the way India spends, online and offline
Paytm, which claims to be India’s biggest mobile wallet with over 122 million users, has bigger and more ambitious plans for 2016 as the company aims to boost its online and offline presence in India.
The online mobile wallet hopes to target more big sale items like flight tickets, which will be launched soon as the eKYC policy gets clearer. At present, there is a Rs 10,000 monthly wallet limit for non-KYC users on mobile wallets — users can increase this if they get a KYC done with the app through what is now a tedious method. All of this can change once eKYC comes in place for mobile wallets
“I am optimistic about the regulator. There are a bunch of requirements that are awaited and once that is sorted we hope to start with eKYC on a big scale. Will it happen overnight? Of course not, but we know that by the end of the year things will be clear,” Nitin Misra, Paytm’s VP for Product, told Indianexpress.com.
For Paytm, eKYC without the hassles of a signed form or appointment, which relies straight on the Aadhar API, would mean that consumers can bump up their monthly spending limits. And given how Paytm plans to expand it use cases, beyond just recharges and monthly bill pays, this is crucial.
“Honestly, the current Rs 10,000 limit is nothing. Sure you might say I just use Paytm for Uber or to pay some bills. But we’ve seen customers come on to the platform for different use cases, some of which are for bigger ticket items like buying an Apple Watch. In such a scenario, we need to up the limit and look at eKYC,” adds Misra.
Paytm, in fact, hasn’t remained just a wallet and has gradually morphed into a market place with “170,000 registered sellers”. The company wants to take this number to half a million by the end of this fiscal.
Then there is the offline space. It’s not uncommon these days to spot a Paytm accepted here sticker on an auto or near a petrol pump. Paytm claims to have tied up with 85,000 merchants to allow consumers to pay just via their Paytm wallet. It plans to reach 4 million merchants by the end of the next fiscal.
“Our mission is to move beyond hardware centred digital payments solution, where there’s POS, a merchant, bank and so and so forth. We want to make digital payments seamless so that a user can just take out his phone, either scan a code or share an OTP and just make the payment,” says Misra.
The company is also working on where even feature phones users can receive payments from a customer via a missed call and IVR system. “At toll booths or petrol pumps, we’ve seen that the supervisor might have a smartphone, but his attendants will have a feature phone. Our system would let a customer give a missed call to the number and the attendant gets an inbound call with payment alert, and SMS confirming the same. It’s one of the features we are working on,” said Misra. The app will soon support Hindi as well with other regional languages to follow later on.