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MobiKwik relaunches payment gateway Zaakpay

LiveMint logoLiveMint 04-10-2017 Komal Gupta

New Delhi: Digital payments firm MobiKwik on Wednesday relaunched its payment gateway Zaakpay as MobiKwik Payment Gateway. The company aims to process transactions worth over $5 billion by the end of financial year 2018, it said in a statement.

The payment gateway supports all major instruments like credit and debit cards, net banking, unified payments interface (UPI) and mobile wallets.

UPI is a payments system launched by National Payments Corp. of India (NPCI) that facilitates instant fund transfer between two bank accounts on mobile platform, without requiring any details of the beneficiary’s bank.

The company claims that it has introduced new safety features like flagging a transaction as “risky” even before it is sent to banks and “Auto Retry” feature which brings the user back to the page where a transaction fails, to increase the robustness of the platform.

“MobiKwik’s revamped Payment Gateway deploys strict measures which are on par with the measures adopted by the best banks. It’s a game changer in the digital payments space that equips it to handle the exponential rise in digital transactions and keeps a strict check on risky transactions,” said Bipin Preet Singh, chief executive officer, MobiKwik, in a statement.

SMS and email based payments is another hallmark of the new Payment Gateway, allowing users to pay for doorstep deliveries via credit/debit cards instead of worrying about having cash in hand, added the statement.

Mobikwik’s payment gateway currently powers payments for more than 3,000 e-commerce websites and apps. Transactions worth $1.8 billion have already taken place through its platform this year, said the company.

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