Mobikwik

With more than 1.3 billion people, India is one of the leading fintech markets, where customers are focused on availability and convenience. The development of platforms such as PayTM and UPI led to the rise of new payment services, particularly as more and more players were enjoying their games from the comfort of their homes.

Mobikwik is one of India’s most popular online payment methods, which is why we wanted to see how it worked in an online casino environment. Below you can find detailed information about this service, how it functions, and the advantages it brings to its users.

What is Mobikwik?

Launched in 2009, Mobikwik has since expanded its offering with a wide variety of products and services. Over the years, it has become one of the most widely used mobile phone banking options in India. Customers use Mobikwik to pay their bills, buy bus tickets, recharge their phones, transfer money and feed their online casino accounts.

Account

It doesn’t matter how good a payment method is; everything is worthless if it takes ages to open a new account. Luckily, there are no such problems with Mobikwik. First of all, the whole process is straightforward. Secondly, it’s secure and includes 2FA. Here’s what you need to do.

Go to mobikwik.com, click the Signup button, and enter your phone number. You’ll receive an OTP (One-Time PIN), which is used to verify you’re a real person. Enter the code to proceed. You’ll then be required to enter your name, address and email. Before the process is completed, you’ll have to connect your bank account (or card) to your account. That’s it! You’re a Mobikwik user. To start using your e-wallet, make a transfer, and you’re good to go.

Add Money

You can use a wide range of means to fund your Mobikwik e-wallet, including bank account, credit and debit cards, as well as local payment methods. Mobikwik used to accept cryptocurrencies, but the payment service stopped crypto transactions in early 2022.

Company

There’s an exciting story behind Mobikwik. The company was established in 2009 by Bipin Preet Singh and Upasana Taku, a husband and wife. Singh used his knowledge as a computer science graduate from the Indian Institute of Technology in Delhi to set up a new payment service. He noticed the country’s banking system was inefficient and inaccessible for many people, particularly outside urban areas.

By 2012, the duo was ready to launch their e-wallet. In addition, they began offering other services after receiving the green light from the country’s financial regulators. 2016 was a crucial year for Mobikwik. After the government demonetized the Indian currency, the number of transactions processed by the payment services increased by a staggering 400% in one month!

By 2016, Mobikwik became one of the leading payment methods in India.

Facts

Payment Type	E-wallet
Headquarters	India
Launched	2009

How to Deposit?

After opening an account at your online casino, go to the Banking/Deposit page on the site’s homepage and choose Mobikwik from the list of available deposit methods. If there is any additional information on the deposit limits, you’ll find it here. Enter your email and click confirm. That’s all you need to do. With Mobikwik being an e-wallet, your deposit should be processed instantly.

How to Withdraw with Mobikwik?

When it comes to cashing out, players can expect to get the money in their account within 48 hours. However, since withdrawals are manually approved, inefficient backend processes can affect the entire transaction. In addition to a 3.45% withdrawal fee, there’s also a daily limit of INR 20,000. That will surely put off high rollers, especially as bigger wins can result in delays.

FAQ

Is MobiKwik a reputable payment service?

Yes, of course. Mobikwik holds a licence issued by the Reserve Bank of India. Under its provisions, the company can offer financial services to customers. At the same time, it has to adhere to strict rules, and it’s regularly audited.

Can I use MobiKwik in my country?

The payment provider’s recharge feature can be used in more than 150 countries worldwide. On the other hand, the Mobikwik e-wallet is only available in India.

How long does it take for Mobikwik to process withdrawals?

Typically, it will take one or two days to get the job done. Some casinos may take a bit longer due to their own rules.

Transfer Time and Fees

All deposits made using Mobikwik are instant, although it might take a couple of seconds for the transaction to clear, especially if the network is overloaded or your internet connection is slow. If this occurs, just refresh the page, and the problem will be solved. On the other hand, withdrawals depend on your online casino. Typically, your cash out will be available after 24 to 48 hours. Keep in mind that some online casinos have their own internal policies that apply in this case.

Mobikwik doesn’t charge any fees for depositing at online casinos. But it doesn’t mean there are no fees at all. Feeding your e-wallet account is typically free, although you can speed up the transfer by paying 3.45% of your deposit + goods and services tax (GST). Your bank may charge you an additional fee. Before using Mobikwik, make sure you have all the necessary information regarding the costs. That way, you’ll be able to enjoy your gaming responsibly and plan your bankroll.

Security

Although the company pays particular attention to security, a serious incident took place in 2021 when the Jordandaven hacker group stole information from the e-wallet’s customers. After gaining access to the payment service’s server, the infamous group offered this data for sale on the dark web. Mobikwik quickly hired a reputable security company to investigate the incident and prevent incidents like this from ever happening.

Don’t let this concern you, as things like this happen to almost every platform, including PayPal, considered the safest e-wallet in the business. The issue has been fixed in the meantime, and Mobikwik has kept its license.

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