MobiKwik Deposits

MobiKwik, founded in 2009, is an Indian company that offers a mobile phone based digital wallet and payment system. Customers simply have to add money to their online wallet and then this can be used to make payments. The Reserve Bank of India, in 2013, authorized their use of the MobiKwik wallet and as of 2016 they have been providing small loans to their customers as one of their services. At the time of writing, there are more than 1.5 million merchants using MobiKwik, and they have around 60 million customers. In the following review, you will find all you need to know about MobiKwik.

A Look at the History of MobiKwik

MobiKwik logo

MobiKwik was founded back in 2009 by Bipin Preet Singh and Upasana Taku, who are a husband-and-wife team. Singh, who graduated from the Indian Institute of Technology Delhi, saw a gap in the market for mobile recharge options. He spent $250,000 of his own cash, created the website and payment methods, and rented some offices in Dwarka, Delhi. The service was originally a website with a closed wallet, but throughout the years, they extended their services to mobile apps. They partnered with online businesses to make their e-Wallet a payment option. At the time of writing, they employ more than 300 people that operate in three segments that include consumer payments, payment gateway, and fintech.

How to Download MobiKwik

Downloading MobiKwik, you will be happy to find out, is very simple. If you have an Android device, all you need to do is head on over to the Google Play Store, search for it, and install it. If you have an Apple device, then you just have to do exactly the same but from the Apple Store. You should have it downloaded in a matter of minutes.

Below we have outlined the steps that you will need to go in order to register with MobiKwik:

  1. Once that app has downloaded, launch it.
  2. Open the app and input your mobile number. Then hit the “Send OTP” option and you will be sent a one-time password to your mobile device.
  3. Enter the code that you are given, to complete the verification process.
  4. Congratulations, you have successfully signed up with MobiKwik.

How to Add Money to Your MobiKwik Wallet

Once you have downloaded the app and verified it, you will obviously need to add some funds to it in order to use it to deposit money at sportsbooks. So, how is this done? Well, you will be glad to hear that this is also a simple process. Once again, we have explained the process for you below:

  1. Log into the app.
  2. Click the “Add Money” option, input the value you want to add to your wallet, and then hit “Continue”.
  3. You will be taken to the payments page, where you can add the money using three different payment methods - net banking, debit or credit card, or cash deposit/pickup. Choose the option that suits you best.
  4. Enter in your payment details and then select the “Pay Now” button. Enter a promo code if you have one.
  5. Enter the OPT to verify the payment, and the money will soon appear in your MobiKwik wallet.

How to Transfer Money Using the MobiKwik App

Once you have money in your MobiKwik e-Wallet, you will obviously be wanting to use it. Therefore, below we have outlined how you can transfer money using this payment option. Just like everything else to do with MobiKwik, it is a simple process.

  1. Log into your MobiKwik app.
  2. On the home screen, locate “Transfer Money” and click on it.
  3. Click on “Wallet to Bank Transfer” and then add the bank details of the company you want to send the money to.
  4. You will be sent an OTP, input the code to authorise the payment, and submit.
  5. The value that you inputted will be sent to their respective account.

How to Verify Your MobiKwik Account

Before you can start using all the features of MobiKwik, you need to complete a verification process. We know many people consider verification processes to be annoying, but with so many fraudsters about nowadays, it is definitely a necessary evil. Below we have outlined the process that you will need to go through in order to verify your MobiKwik account.

  1. Log into your wallet and click in the “Wallet Option”.
  2. You will then see an “Upgrade Now” button, click on it.
  3. You will be taken to a screen where you will have two options to choose from - you can click on upgrade via Aadhaar Details, or you can visit the closest KYC centre.
  4. Click on the first option and you will be prompted to add your Aadhaar number.
  5. There will then be a security code you need to solve and then you will have to enter a one-time password that is sent to your mobile.
  6. You will then be asked to input your PAN number and submit a recent photo of yourself. Once you have done that, your account will be verified, and you will have unlimited transactions.

What Fees Are MobiKwik Users Subjected to?

Fees are something you need to pay attention to before you decide on a banking option to make use of. So, what fees will those who use MobiKwik be subjected to? This is what we are going to take a look at right now.

Well, to start with, you will be happy to find out that they do not charge you to make a transfer. They used to charge up to 4% but they have recently done away with that fee. It is always great to come across a banking option that does not charge you when making transfers.

However, at the beginning of the year they introduced a maintenance charge for inactive users, which was the first of its kind in the Indian market. The fee, which is between 100 and 140 Indian rupees, will be incurred if a user does not reactivate their wallet after being given a 7-day notice period.

While this charge triggered plenty of criticism among MobiKwik users, the executives have declared that they will refund the money if users reactivate their e-Wallet. This applies even if the maintenance fee has already deducted from the account.

Pros and Cons of MobiKwik

Pros of MobiKwik Deposits Cons of MobiKwik Deposits
✅ Very easy to use: Whether you are depositing money at a sportsbook or using it to make a purchase online, you will find that MobiKwik is very easy to use. ❌ No live chat: If you have any issues when using MobiKwik, you can get in touch with them by telephone from Monday to Saturday from 09.00 until 20.00. You can also leave them a post on their Twitter or Facebook accounts. However, there is no live chat option, which is disappointing as this is the fastest way to solve any issues.
✅ There is a transaction record: It is always handy if you are able to keep track of what money you are spending, and you can do this easily with MobiKwik as they have a transaction history page.
✅ Very secure: The last thing you want to do is start making use of a payment option that is not secure as this could lead to some of your hard-earned money being stolen. However, this will not be an issue with MobiKwik as they make use of the latest and best security technology.
✅ No fees for sending money: When you send money to your sportsbook account, you will not incur any additional fees.

Our Final Thoughts on MobiKwik India

In our opinion, MobiKwik is a very good e-Wallet to use to deposit money with the sportsbook you have an account with. Sending money to your sportsbook account is as easy as 1,2,3, and there are no transfer fees that you have to pay. We are not a fan of the maintenance charge, but at least they will give it back if you reactivate your account. Additionally, you do not have to worry about the safety of your money as they make use of very good security technology.
There is one thing that we think would make them better, and that is to add a live chat feature. Although, the fact that they do not have one should not be a dealbreaker for you. So, in our view, you should think about making use of MobiKwik.

FAQ

⚖️ Is MobiKwik Legal?

Before you go ahead and deposit your hard-earned money somewhere, you will obviously want to be 100% certain that they are legal and legitimate. You will be happy to find out that MobiKwik is a legal payment option that you can use throughout India.

🔐 Is MobiKwik Safe?

MobiKwik has millions of customers throughout India and can be used at a wide variety of businesses. If there were any issues regarding their security, they would not be as popular as they are. They make use of the top-quality security technology to make sure that your money remains safe.

💸 Is There a Transfer Fee?

Some e-Wallets will have a fee that you have to pay whenever you make a transfer, but MobiKwik is not one of these.