After demonetization move, the government is too busy with encouraging cashless payments. Nowadays there's no need to worry about stacking up your purse with liquid cash. People can always link their debit and credit cards to MobiKwik to transact money within seconds.
MobiKwik Wallet is a prepaid financial instrument approved by Reserve Bank of India. It allows Indian consumers to store money in a virtual wallet and then use it across all the channels such as for shopping, bill payments and all.
Once after successfully creating an account and completing the registration process in accordance users can start availing of MobiKwik Wallet services.
1. Currency of issue
Indian Rupees only.
2. Re loading funds
MobiKwik Wallet is re-loadable, subject to the condition that maximum outstanding balance must not exceed INR Rs 10,000 (Indian Rupees Ten Thousand only) per month at any point in time.
3. Cash withdrawal
Cash withdrawal and redemption of balance from MobiKwik Wallet is prohibited under RBI Regulations.
RBI Regulations prohibit transfers of Accounts and/or MobiKwik Wallets from a User to any third party.
5. Validity period
The validity period of MobiKwik Wallet is three years from the date of registration.
6. Maximum permissible period of non-use of a MobiKwik Wallet
6 (six) months from the date of registration.
Read Also: How To Use Mobikwik For Quick Payments