In the last decade or so, MobiKwik has created a niche for itself in the digital payments and transactions industry. Counted as one of India`s top digital wallets and payment apps today, one key attribute of MobiKwik has been its continued evolution to become a full-stack fintech company.

Taking a huge leap in this direction, MobiKwik launched its ZIP facility sometime back. The feature dished out convenience and credit in one platter for its customers and termed aptly as `Spend Now, Pay Later.` The feature, for sure, was aimed at offering a digital credit card kind of an option so that the registered users of the app have an added advantage when they are shopping online.

What is MobiKwik ZIP?

It is a one-of-its-kind service offered by MobiKwik, making it a premium product offering. An inherent part of the MobiKwik app is that registered and approved users can avail up to INR 30,000 credit in their wallet. The users can utilize the facility on more than one lakh brands and merchants. The approved credit amount or limit is user-specific and increases when the user’s usage increases.

Like a credit card, this digital service helps customers shop and spend seamlessly without worrying about shortage of funds.

The invoice for the amount availed is sent to the customer on two sets of dates – for expenses made between 1^st to 15^th of the month, the invoice is generated on the 16^th, while expenses made between 16^th to the 30^th or 31^st are invoiced on the 1^st of the next month. The condition is that users need to repay the used amount within five days of receiving the invoice; that is, by the 20^th of the same month or the 6^th of the next month, users need to pay the used amount.

What makes MobiKwik Zip unique?

MobiKwik was the first to launch a digital credit card for its users in the Indian digital payment landscape. Even though the initial credit amount was only INR 5,000, later, it was increased to INR 30,000 to make things easier and better for users. The amount is enough when one is short of money and needs to buy or shop for something urgently.

There are no extra charges that the users need to pay, if the users repay their bill on time. All users need to do is submit their basic details for approval on the amount.

Convenience is thy name

MobiKwik has been working on offering seamless services to its users from the very beginning. Making payments, transactions, and now credit easily available has been one of its core focus areas. Keeping convenience as a focal point, it was decided to bring credit facilities at the fingertip of their users with the ZIP feature.

To use ZIP, users need to

1) Download & sign up on the MobiKwik App or update it (for existing users)

2) Click on ‘See All Services’

3) Click on ‘Pay Later’ under ‘Financial Services’

4) Finally, click on ‘Activate ZIP’

And that’s it! Once ZIP is activated, be it payment at any online merchant or brand, users can experience one-click checkout. This essentially means that when making a payment, all a user will have to do is click on MobiKwik as their desired payment mode and their transaction will be completed in seconds, without worrying to enter any OTP!

But, users need to remember that they need to clear the dues on the said dates,else late fee interests will be charged. Also, another important thing is that if they miss the due date of payment and do not settle the due amount within a month of the due date, they may get reported to agencies like CIBIL. It can affect their credit ratings and creditworthiness in the future.

Peace of mind with MobiKwik ZIP

While the initial amount was kept to INR 5,000, the company later increased the limit to INR 30,000. Typically, it means that the user can request credit for up to 30k for emergency uses or shortage of funds while shopping. The approvals come in almost instantly – the fast turnaround time adds to the convenience. The interest rate is zero, and the payback of the utilized amount is easy.

Also, using the MobiKwik ZIP feature, users, especially the millennial crowd, can look at building their credit ratings as it is all linked with the CIBIL credit scores.

Conclusion

With MobiKwik, users enjoy newer features every time as the app company is innovative in its approach. ZIP is one such offering that makes life a bit easier and less stressful, especially when you run out of cash or do not wish to touch your savings while shopping. So download the MobiKwik app now and activate ZIP!