MobiKwik has announced that users will now be able to transfer money instantly to any bank account at 0% fee. The move comes from the company following demonetization of Rs. 500 and Rs. 1000 notes by the government.
Prior to this, MobiKwik charged 4% fee for regular user and 1% fee for a KYC user to transfer money from a mobile wallet to the bank. The company has launched a user support number that is operational 24×7. Users can call on +919029059700 to download MobiKwik app and start sending or receiving money for free. The company claims to have registered 18 times growth in transactions since the announcement of demonetization.
Bipin Preet Singh, Co-founder of MobiKwik said,
We support Indian government’s bold currency reform, that is a long term move to eliminate black money and corruption in India. However, masses are facing issues in procuring and transacting with cash. To help them overcome this challenge, we have announced 0% fee on bank transfers.
Earlier today, Paytm also announced a similar feature that will allow Paytm customers and merchants to send money from their Paytm wallets to any bank account at a flat fee of 1%.