Considering the increasing acceptance of online money transfers among today’s users, mobile wallet service MobiKwik has introduced its mobile money transfer service which allows registered users to transfer money directly from their wallet to another’s.
To ensure the security of the W2W service a One Time Password (OTP) is generated before each wallet money transfer is made.
MobiKwik, with its 8 million user base, after introducing the wallet to wallet (W2W) service, claims over INR 1 Crore exchanged through 1.5 lakh transactions in the past two months. These transactions could be anywhere between Rs.1 to Rs.5000 in a single transaction.
MobiKwik, whose wallet download had touched one million mobile downloads on Android Play Store, notes that regular W2W transactions include people splitting bills, students and working professionals transferring money for bill payments, and friends exchanging money for group gift purchases. The service also has a ‘Request Money’ feature which provides users a simple method of alerting others of any pending payments.
With mobile commerce space booming in India, companies like MobiKwik, Freecharge, Paytm and Oxigen have announced major plans to launch more mobile based online services in the country.