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  • Is Mobikwik wallet safe and follows ethical business practices?

    Know why it might take time for third party credit card settlers like Mobikwik to take time to settle your payment

    I would like to know the experience of members who use Mobikwik wallet for payment of bills and recharges. I used the Mobikwik wallet to pay my credit card bill amounting to Rs 5000. I made the payment using the UPI option but the same did not reflect in the credit statement for the next 3 days.

    I had to raise complaint on Mobikwik to ask them as to why it is taking time to which I got a revert that the same gets delayed on part of the bank to credit the amount and I should wait for 72 hours minimum and the delay can be more than 72 hours.

    Alternatively, I used Google pay for credit card payment using UPI and it got immediately credited within a minute and also reflected in the credit card statement online.

    One more thing which I noticed was that at the time of credit of money to credit card statement I received a message that an NEFT of Rs 5000 is received against your credit card from Mobikwik.
    What bothers me is that I had made a payment through UPI but the payment is getting credited through NEFT.

    What I feel is that the money paid through Mobikwik wallet for credit card payment is held back by their system for some short term investment and later on the same is paid to the receiving bank through NEFT.

    Can members share their experience of making payment through Mobikwik wallet as I feel duped by their process.
  • Answers

    1 Answers found.
  • Hi Manoj,

    Fintech companies like Mobikwik have better things to do than do a 3-day investment and earn interest or return on that. They are anyhow bound by RBI rules which don't allow for any rerouting of funds this way.

    72 hours in the normal time any company takes for settling any sort of bill, be it a credit card bill or an electricity bill. That is why they tell you to pay at least 3 days in advance.

    The reason the settlement was immediate with UPI is because the funds were immediately transferred to the bank. This is because Google Pay is just a UPI platform that doesn't handle the funds itself but transfers them across banks. Other apps like Mobikwik, Freecharge, Cred on the other hand are Fintech companies that take the payment you make and settles accounts separately with the end participants in this chain which are the utility providers.

    Hope that clears it. There is no cheating involved here.

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