In the wake of challenges being faced by masses in India due to demonetization, MobiKwik, has announced that users will be able to transfer money instantly to any bank account at 0 per cent fee. The move is expected to encourage more and more retailers, shopkeepers and users to use mobile wallet and overcome the challenges that they are facing in procuring and using cash.
Earlier, to transfer money from a mobile wallet to the bank, a non Know your customer (KYC) user was charged 4 per cent fee and the fee for a KYC user was 1 per cent.
Speaking on the announcement, Co-founder, MobiKwik, Bipin Preet Singh said, “We support Indian government’s bold currency reform, that is a long term move to eliminate black money and corruption in India. However, masses are facing issues in procuring and transacting with cash. To help them overcome this challenge, we have announced 0 per cent fee on bank transfers.”
The company also introduced ‘MobiKwik on delivery’ option for e-tailers to replace ‘Cash on Delivery’ and overcome the challenges.
The company has registered 18x growth in transactions since the announcement of demonetization. It also registered over 2,000 percent increase in add money since the announcement of currency notes ban. The company has seen tremendous growth in merchant requests and user transactions as well.