“MobiKwik Places A Strong Emphasis On Data Privacy And Security For Its Customers And Merchants”

The digital payments continue to reshape financial landscapes in India. As a prominent player in India's digital payment landscape, MobiKwik continues to innovate with advanced solutions aimed at enhancing user convenience. Exploring MobiKwik's robust technological prowess, Rajeev Ranjan, Editor, Digital Terminal engages in an exclusive interview with Saurabh Dwivedi, Senior Vice President, Technology, MobiKwik. Dwivedi sheds light on the strategic vision behind Pocket UPI, highlighting its impact on enhancing convenience and security in everyday transactions.

Rajeev: Please tell about MobiKwik’s Pocket UPI.

Saurabh: Pocket UPI is a revolutionary feature that simplifies digital transactions by allowing users to make seamless UPI payments without linking their bank accounts. With Pocket UPI, users can send and receive money securely, top up their wallets effortlessly, and keep track of their spending—all in one place. It offers simplified finances with all transactions in one clear view and provides one-click, effortless payments, even if a bank's system is down. This innovative solution also enables users to load their wallets using any credit card, making it incredibly versatile. Whether paying friends, scanning QR codes, shopping online, or receiving payments, Pocket UPI offers a smooth and efficient experience. Users do not have to go through the hassle of linking their bank account and can enjoy the convenience, security, and control offered by Pocket UPI.

Rajeev: What defines the engineering culture at MobiKwik, and how does it foster collaboration and innovation?

Saurabh: MobiKwik's engineering culture is defined by ownership, speed, and continuous learning. At MobiKwik, the focus is on high-quality code, robust architecture, and adherence to best practices. Engineers are empowered to take ownership of their projects, enabling them to make decisions, experiment with new approaches, and drive initiatives forward with a sense of personal investment and accountability, which also leads to broad collaboration even outside of engineering teams. Collaboration is central to this culture, with everyone easily reachable for knowledge sharing and discussions. Cross-functional teams work closely together, leveraging diverse skill sets and perspectives. The constant exploration of new technologies leads to better learning and more innovative and robust solutions.

Rajeev: How AI/ML-driven solutions have enhanced user engagement and satisfaction?

Saurabh: The MobiKwik platform leverages the power of AI and ML to deliver user-centric digital financial solutions. Its product development is driven by a mission to promote financial inclusion and is built on four pillars: innovation, inclusion, convenience, and engagement.

AI and ML methodologies are integral to MobiKwik's products, aiding in tracking users' financial habits with tools like MobiKwik Lens, assessing creditworthiness for products like ZIP EMI, and offering mutual fund recommendations based on users' risk appetites. By prioritizing personalized experiences, MobiKwik effectively enhances the overall financial wellness of its users.

Furthermore, MobiKwik ZIP Pay Later improves access to small-ticket loans through an AI and ML-driven credit risk assessment process. This advancement is particularly significant for individuals distanced from traditional banking institutions or in need of small-ticket loans, representing a transformative shift in financial accessibility.

Rajeev: What potential AI applications do you foresee in fintech Industry?

Saurabh: Looking ahead, it’s key to explore how AI can enhance user experiences, focusing on accessibility and hyper-personalized solutions. A key trend in fintech and other sectors is customizing offerings to suit regional nuances, especially in linguistically diverse countries like India. Many fintech products target English-speaking audiences, excluding a large segment of the population. Expanding accessibility by providing solutions in regional languages, particularly through voice-based support, can tap into this underserved user base.

This requires more than just translating interfaces; solutions must align with regional customs and preferences. For instance, accurate and context-aware automated voice support can be transformative in areas with varying literacy rates or language typing challenges. By breaking language barriers and offering user-friendly interfaces, fintech companies can help users understand their finances better, regardless of location.

Rajeev: How does MobiKwik ensure user data security and privacy while leveraging AI/ML for enhanced experiences?

Saurabh: As a fintech company, MobiKwik places a strong emphasis on data privacy and security for its customers and merchants. MobiKwik’s products are subjected to multiple rigorous cybersecurity and compliance audits, including the Payment System Data Storage – System (PSDSS) Audit mandated by RBI and NPCI, the Information System Audit under RBI-PPI Master Directions, and Payment Card Industry Data Security Standard (PCI DSS) compliance.

At MobiKwik, all critical data is encrypted, and customer data from KYC checks is securely stored in a vault. The company conducts regular security assessments internally and through external vendors to maintain high standards of protection. Its network security infrastructure is hosted in a secure environment behind a firewall, effectively limiting access to infrastructure and preventing malicious entry attempts. Implementing these measures helps MobiKwik ensure the integrity and confidentiality of data.

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