WazirX Deposit issues continue as users complain about Mobikwik payments not reflecting

Ever since the Supreme Court lifted the ban on cryptocurrencies in March 2020, the crypto industry has bloomed in India. Cryptocurrencies have proven to be a highly profitable, albeit a highly volatile form of investment for Indian investors. Investing in crypto has been made easier through crypto exchanges such as WazirX, Zebpay, Coinswitch and a multitude of exchanges that have sprung up. WazirX has by far the largest share of customers, as per their website. WazirX has recently enabled payments through the Mobikwik app, however, users have been facing issues. Read on to know more about the WazirX Mobikwik payment issues. 

WazirX Mobikwik Issue 

After WazirX removed the option to deposit money through UPI and IMPS due to their issues with banks, WazirX recently added the option to deposit funds using the mobile App Mobikwik. Mobikwik is an online payments platform that can be used as an online wallet similar to Gpay and Paytm and also has the UPI facility available. However, many people have been facing issues trying to deposit money into the WazirX app, using Mobikwik.

WazirX users have taken to Twitter to complain about the issue, with many people mentioning that their funds are being deducted from the Mobikwik wallet but are not being reflected in the app. You can take a look at some of these tweets down below. However, WazirX is already looking into the issue and has replied to customers on Twitter that they working on fixing the payment platform issues. 

Is Mobikwik Safe?

This WazirX deposit problem is not new. Over the past few weeks, WazirX and other crypto exchanges have been facing problems with depositing funds, as many banks have withdrawn their services. As per the Tweets of Nischal Shetty of WazirX, Indian banks have refused to provide payment services to crypto exchanges. As a result, WazirX has to use the services of Mobikwik, the online payment provider.

However, news broke out a few months ago that Mobikwik has had their data hacked and information about their customers leaked all over the internet. Many users are wary of using Mobikwik given their history with the major hack. At this time users don't have much choice, as Mobikwik is the only way to deposit money into the app, apart from WazirX P2P. Stay tuned for more updates on WazirX and cryptocurrency in India. 

DISCLAIMER: The information provided on this website is for educational and entertainment purposes. The information provided on this website does not constitute investment advice, financial advice or trading advice. Republic World does not recommend purchasing any cryptocurrency. Crypto markets are highly volatile and crypto investments are risky. Readers should do their own research on cryptocurrencies and consult their financial adviser before making any crypto investments. 

IMAGE: WAZIRX TWITTER