Mobile wallet and recharge platform MobiKwik has opened up access to its Power Wallet interface to all retailers. What is Power Wallet?
MobiKwik claims to process wallet payments faster via a one-time authentication process through the technology. With the Power Wallet interface, users need not enter their credentials repeatedly for subsequent payments.
When retailers integrate Power Wallet, users get to make the payment from within the retailer’s platform without re-direction. With one time integration, the Power Wallet is activated across the retailer’s website, mobile website, apps, and offline point-of-sale terminal. Power Wallet is also patent pending. MobiKwik claims that the API has been integrated with partners such as OYO Rooms, PVR Cinemas, Zomato, Meru Cabs, Big Bazaar, WHSmith India, and Archies.
In October, MobiKwik claimed to have processed 500,000 transactions from August- September 2015, amounting to over Rs 60 crore. Out of the 500,000, 100,000 transactions were processed across 260 Big Bazaar outlets in the country. The top 5 cities for offline payments were Mumbai, Bangalore, Kolkata, Hyderabad and Delhi.
In April MobiKwik raised ~$25 million in Series B funding led by Tree Line Asia, existing investor Sequoia Capital along with Cisco Investments and American Express for investing in technology data analytics, brand building and growing its user and merchant base.
PayU bypasses entering CVV in card payments
Earlier in December, payment gateway PayU Biz launched a new technology which would allow users to make payments via a single tap and still be compliant with the Reserve Bank of India’s regulation of two-factor authentication for all card payments. Currently for online transactions via cards, customers choose a saved card to complete payment and enter the CVV number along with an OTP sent to the customer’s mobile phone via SMS. With PayU’s new technology, it removes the need to enter the CVV and auto-reads the OTP sent on mobile phones. Hence, it can complete the transaction via a single tap. The first factor of authentication is the 16-digit card number (that is usually saved) and the second factor of authentication is the OTP which is sent to mobiles which is auto-read by PayU’s gateway.