MobiKwik launches UPI in Partnership with ICICI

Indian mobile wallet company MobiKwik has partnered with ICICI Bank to launch the Unified Payments Interface (UPI) on its platform. Last month, Freecharge launched UPI with Axis Bank, while digital payments and Instamojo tied up with ICIC Bank.

UPI is an architecture and a set of standard app APIs by RBI to facilitate the next generation online immediate payments leveraging trends such as increasing smartphone adoption and app downloads, Indian language interfaces, and universal access to Internet and data. UPI was launched by National Payments Corporation of India with Reserve Bank of India’s(RBI) vision of migrating towards a ‘less-cash’ and more digital society.

MobiKwik, is India’s largest independent mobile payments network, connecting 30 million users with 100,000 retailers. Founded in 2009 by Bipin Preet Singh and Upasana Taku, the company has raised three rounds of funding from Sequoia Capital, American Express,Tree Line Asia, MediaTek, GMO Payment Gateway and Cisco Investments. MobiKwik aspires to be the largest source of digital transactions in India. One of the leading digital payments platforms for online and offline merchants, MobiKwik is powering payments for many top brands in India.