Inactive MobiKwik user? Be ready to pay upto Rs 140 as wallet maintenance charge

New Delhi: Touted as a move for the first time in the e-wallet industry, Digital wallet company MobiKwik is reportedly going to charge inactive users for "wallet maintenance fee" upto Rs 140, as per an English daily.

A report in the Times of India said that such users will be charge for inactivity, though, once they are back for the e-wallet activity or reactivates the wallet, MobiKwik will refund them.

The Times of India report said that MobiKwik will charge inactive users anywhere between Rs 100 and Rs 140 while the charge will kick in despite users not being active after a 7-day notice period. The new policy, the paper said, was rolled out on Sunday and was immediately effective.

TOI, quoting industry executives said that though RBI has left it to e-wallet companies on whether or not they would want to charge users on account of inactivity, the users can still make their complaint because the clause was not there at the time of joining the digital wallet.

The MobiKwik website claims that it is the number 2 player in the mobile wallet space in India and amongst the top 3 players in the payment gateway industry in the country. It has a network of over 3 million direct merchants, 140+ billers and 107 million-plus users. It records over 1 million transactions/ day, the website reads.

Founded in 2009 by Bipin Preet Singh Upasana Taku, MobiKwik is backed by marquee investors including Sequoia Capital, American Express, Tree Line Asia, MediaTek, GMO Payment Gateway, Cisco Investments, Net1 and Bajaj Finance, the website says.