INDIA, NEW DELHI | MobiKwik, India’s fastest growing mobile wallet player, announced last month that it became India’s first mobile consumer wallet by adding online and mobile shopping to its existing portfolio of services such as recharge for prepaid and post-paid mobile, television, data cards and bill payments for broadband/landline phones, electricity, gas and insurance.
Mobikwik Prepaid Mobile Wallet
The announcement comes further to the Reserve Bank of India’s (RBI) authorization to MobiKwik to offer its customers prepaid mobile wallets. Customers can store up to Rs. 50,000 (approx 600 euro, 800 USD) in their MobiKwik Wallet and use their wallet to purchase goods and services on third party merchant websites and mobile applications.
MobiKwik powers more than 75,000 transactions daily
For recharge and bill payments, MobiKwik has been the popular and leading choice, with more than 2.5 million users, who have been enjoying its convenience and ease of use for more than 2 years now. Nearly 10,000 new users sign up for a MobiKwik wallet every day. MobiKwik powers more than 75,000 transactions daily, a majority of them via the mobile. MobiKwik has been focused on Mobile-in-App payments which are realized in one click, a significant contributor to its success that is evident in the new signs ups it receives and the total number of transactions it enables every day. 50% of the transactions take place on MobiKwik’s Android App which today boasts of more than 1 Million downloads.
Acquire Third Party Merchants
A key focus for MobiKwik will be to acquire third party merchants on the mobile platform and to enable the MobiKwik wallet as a payment option on them. Merchant tie-ups will be across category leaders in ticketing (bus, train, movies), food ordering, online shopping, digital goods, gaming, donations, etc. Select merchants live on the platform include Yepme, Ticketgoose, FloristinIndia. Merchants interested in using this payment solution can sign up quickly at https://wallet.mobikwik.com/
Nearly 100% success rate
“For merchants who want to accept online and mobile payments, the MobiKwik wallet is the first Payment option in India to guarantee nearly 100% transaction success rate and maintain user loyalty to the brand owing to a superior payment experience,” emphasizes Bipin Preet Singh, CEO & Founder, MobiKwik.
Ensure Seamless Payment Online
The announcement strengthens and validates MobiKwik’s goal and vision to address the challenges faced by an Indian user to seamlessly pay online or on the mobile. The large number of merchants in India offer nearly 100 different payment options which makes it confusing for the user and the experience inconsistent. In addition, users are required to make multiple steps to realize an online payment. The result is low-payment success rate and consumer apathy, especially on the mobile.
No Bank Account or Cards involved in Transaction
The MobiKwik wallet enhances the online and mobile payment experience by allowing users to add money to a prepaid Wallet once and then use the Wallet for multiple transactions in only one click. By reducing the number of steps to realize a payment, the success rate of an online transaction increases significantly because it does not involve any bank account or cards.
Mobikwik Wallet | Trust, Convenience and Mobile
The MobiKwik wallet is designed to deliver a consistent, fast and repeatable checkout experience for each consumer, irrespective of merchant or channel. It is built around three pillars of Trust, Convenience and Mobile.
1) Trust – With a MobiKwik wallet, a user does not need to trust the merchant with his/her card or bank details. The user only needs to add money to the MobiKwik wallet through Internet banking or a debit/credit card transaction and then use it to make purchases on any merchant.
2) Convenience – The MobiKwik wallet allows a 1 click payment on any merchant website, irrespective of medium - mobile Internet or via the desktop, or using any mobile app. It entirely does away with the hassle of navigating through multiple steps required in card payments or Net banking.
3) Mobile – The MobiKwik wallet is indigenously built for India’s smart phone generation who want to do everything quickly - whether it is recharging their mobile, ordering a pizza, booking a movie ticket or shopping online.
400% year-on-year growth
“MobiKwik stands for the 'kwikest' way to mobile freedom. MobiKwik is building India’s first consumer brand for payments and we are doing it on smartphones. Our projections indicate that in the next 5 years, more than 300 million Indians would attempt to do their first digital transaction using a smartphone. We hope that this first transaction will be completed via a MobiKwik wallet”, says Bipin Preet Singh, Founder & CEO, MobiKwik. “For users who are getting on the internet for the first time using their mobiles, the exhilaration of being able to pay and purchase something is life changing! That’s why we have a very loyal user base that is growing at more than 400%” year on year”, he adds.
How does the Mobikwik Wallet work?
To use the MobiKwik mobile wallet, users can add funds up to INR 50,000 to it, by credit or debit card, Internet banking or cash cards. Once the wallet is loaded, users can immediately start to make payments for everyday services, in just one click. Users can select their preferred mode of payment – they can either download the MobiKwik App which is available for Android, Apple, J2ME and Blackberry, or do so on the MobiKwik website, or via an SMS or by dialing a number. MobiKwik’s Android App is the fastest growing mobile wallet app in India. It is one of the top 3 Shopping apps on the Google Play store for Android and has already clocked more than 1 Million downloads. The iOS app is ranked number 2 in New Utilities app on the App Store and has over a 100,000 downloads. The MobiKwik Windows App will be launched soon.
Started in 2009, MobiKwik is a digital wallet service with a turnover of close to INR 200 crores. The MobiKwik wallet powers all transactions on MobiKwik. Adding money to the wallet allows users to buy products and services across various channels –Apps, SMS, Internet, Mobile website or through a phone call. MobiKwik is the fastest way to recharge mobiles and pay bills in India across - prepaid and post-paid mobiles, television, data cards, broadband, landline phones, electricity, gas and insurance and to shop for offers across merchants in several categories. Visit www.MobiKwik.com to know more about the company.