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Hike launches Hike Wallet; allows money transfer and recharge

Hike Messenger has partnered Yes Bank to launch Hike Wallet as part of its latest app update. Users will be able to transfer money, recharge their phones, and send cash vouchers. Money Transfer The wallet is integrated with Unified Payments Interface (UPI) and allows users to perform bank-to-bank transfers. The transfer can be carried out even if the recipient isn't on Hike Messenger. In case one doesn't have an active bank account (read students) or doesn't wish to use your bank account, wallet-to-wallet transfers can be carried out as well. Recharge Phones can be recharged and postpaid bills can be paid from within the Hike app using the wallet. It's not clear if Hike has tied-up with certain telcos for this, and if so then which telcos, or if it will work irrespective of the user's network provider. Blue Packets This is sort of a digital cash voucher. Users can send these to friends or family on special occasions and add personalised messages. This is almost identical to WeChat's Red Packets (formerly known as Red Envelopes). Fun fact: WeChat users, reportedly, sent 46 billion Red Packets during the Lunar New Year (in January). Active Users and Funding In January last year, Hike claimed it had more than 100 million registered users and 40 billion messages monthly, but didn't mention how many of them are active users. The company also mentioned that 90% of its user base is from India. Hike Messenger had raised $175 million from China’s Tencent and Foxconn in a series D round of…

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