India’s MobiKwik, IDFC Bank add Visa prepaid card
India’s IDFC Bank and local mobile wallet provider MobiKwik are collaborating to provide a virtual prepaid Visa card for nearly 65 million MobiKwik users.
Early next month MobiKwik users will gain access to a co-branded IDFC virtual card embedded within the MobiKwik app, enabling digital purchases at e-commerce merchants, according to a Thursday press release.
Visa is using Johannesburg-based Net1’s virtual card technology to support the integration, the release noted.
“On the first anniversary of demonetization, 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,” said Upasana Taku, MobiKwik’s co-founder, in the release.
“This combined initiative facilitates two key components of financial inclusion, namely accessibility and interoperability, and supports the Indian government’s coordinated effort to move to a less-cash world,” said Herman Kotze, Net1’s CEO, in the release.