MobiKwik gets massive 7,000% increase in bank transfers

MobiKwik, on Tuesday said it has registered a 7000% increase in bank transfers since it allowed users to transfer money instantly to any bank account at 0% fee. 

“The idea behind announcing 0% fee on bank transfers was to promote the adoption of mobile wallets among Indians. We have since observed growing confidence among masses, including users and unorganised merchants, who adopted to wallet payments without any hitch,” Mrinal Sinha, COO of MobiKwik said. 

Mobikwik said it has registered 18-fold growth in transactions since the announcement of demonetization that saw old Rs 500 and Rs 1,000 notes ceasing to be legal tender. Users can load money into their m-wallets using their credit/debit cards or netbanking.


UCO Bank, a leading PSU bank, is ensuring 24 X 7 availability of cash at more than 100 ATMs spread across the country. TheseATMs have been recalibrated to dispense new denomination currency note and are functioning at major centres like Kolkata, Salt Lake, Allahabad, Bhubaneswar, Bhilai, Jaipur , Jodhpur, Kota, Mumbai, New Delhi, Chennai, Hyderabad, Bangalore, Nagpur, Patna, Ranchi, Shimla, Lucknow, Kanpur, Varanasi, Gorakhpur, Guwahati, Jalpaigudi, Durgapur, Bankura etc. Bank has made suitable arrangements to replenish currency in these ATMs on 24 X 7 basis. Customers have welcomed this step and are pleased to utilize ATM Services offered by the Bank. 
M Post Bureau

M Post Bureau

Our contributor helps bringing the latest updates to you


View All

Latest News

View All
Share it