MobiKwik introduces Xtra investment deposit product

19 Sep 2022 , 11:52 AM

The financial services division of the digital payments business MobiKwik has expanded with the introduction of the Xtra investment deposit product for its merchant and consumer partners.

For the time being, the company has Rs 101 crore of assets under management (AUM).

Users can spend as little as Rs 1,000 on the product, which has been tested over the past month, and it aims to offer interest on these deposits of up to 12% annually with the ability to withdraw the corpus at any moment.

Other fintech companies’ P2P investment offerings are primarily targeted at particular consumer segments. The firm, on the other hand, wants to have a large base to benefit from the returns. Additionally, the company has a low entry investment threshold of Rs 1,000 and is providing returns of up to 12%, which are higher than those of certain other fintech companies.

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