MobiKwik launches India’s first mobile consumer wallet

MobiKwik becomes India’s first mobile wallet to offer a comprehensive range of services across shopping, recharge, bill payments and more

September 27, 2013 2:11 IST | India Infoline News Service
MobiKwik today announced that it has become 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 and DTH, data cards and bill payments for broadband/landline phones, electricity, gas and insurance.

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 in their MobiKwik Wallet and use their wallet to purchase goods and services on third party merchant websites and mobile applications.

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. Over 10,000 new users sign up or 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.

Further to today’s announcement, 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 http://wallet.mobikwik.com/

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.

The MobiKwik wallet enhances the online/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.

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.

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.


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