THE PATH BEHIND THE SHINING OF PAYMENTS APP MOBIKWIK
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Mobikwik, founded in 2009 in India, is a leading mobile wallet service that allows users to store money digitally for hassle-free transactions across various platforms. The app has evolved into a comprehensive fintech solution, offering services such as bank transfers, loans, and insurance, while also maintaining a strong user base of over 107 million and expanding into offline payments. With significant year-on-year growth and a focus on simplifying the payment experience, Mobikwik is positioned for continued success in the Indian market.
THE PATH BEHIND THE SHINING OF PAYMENTS APP MOBIKWIK
- 1. 1 THE PATH BEHIND THE SHINING OF PAYMENTS APP MOBIKWIK VARUN KESAVAN, RESEARCH SCHOLAR, E – MAIL ID – varunkesavan@yahoo.com INTRODUCTION Using a Mobile Wallet has now turned out to be a habit of many. Easy hassle- free payment and no worries about hunting for change every time you purchase something probably is a major benefit of using a mobile wallet. While today many international players are providing mobile wallet services in India, MobiKwik is one of the pioneer Indian mobile wallet companies, that despite much competition has carved a niche for itself.
- 2. 2 THE MODUS OPERANDI OF MOBIKWIK With an aim to make personal wallet redundant, MobiKwik in one of the largest mobile wallet in India. MobiKwik wallet works in a simple way. It allows Indian consumers to store money in a virtual wallet and then use it across channels (mobile, desktop, tab, sms, ivr) to pay utility bills and shop using wallet with registered merchants. For example, as a user you could use it to recharge your mobile via MobiKwik Android/iOS/BB/Windows App, or use it to buy bus tickets on any popular bus booking website or order and pay for pizza on the phone. It is a prepaid financial instrument approved by Reserve Bank of India. MobiKwik was founded by Bipin Preet Singh and Upasana Taku in 2009. The Gurugram-based digital wallet claims to have over 107 million users, 3 million merchants and 20o+ billers on its platform. MobiKwik is super-safe. Each and every penny stored in your wallet is well accounted for. You can also use the extra in-app security settings available on all mobile platforms MobiKwik is operational on. These are Android, Windows and iOS. All services of MobiKwik are also available via a desktop site and a mobile site. Besides, its simple UI is designed to give users a smooth experience.
- 3. 3 MobiKwik ventured out in the offline space and activated mobile payments for brick-and-mortar stores such as Big Bazaar and Domino’s Pizza and many more. It received the coveted Prepaid Payment Instrument license from the Reserve Bank of India on 18 July, 2013. MobiKwik has also received an in-principle approval from the RBI to set up a Bharat Bill Payments Operating Unit (BBPOU), thereby enabling users from across all parts of India, urban and rural, to pay their utility and convenience bills through the MobiKwik wallet. The initial service provided by MobiKwik was a website with a closed wallet facility, but over the years, MobiKwik extended their service to mobile apps. Today MobiKwik has transformed itself into a full stack fintech company. One can do bank transfers using MobiKwik, and can also take loans. MobiKwik has tie-ups with NBFCs like Bajaj Finance, Aditya Birla, and DMI Finance. As for loans, MobiKwik has many options like an instant 3 minute loan, a credit line and a term loan. It has also tied up with ICICI Lombard for accidental insurance, and also offers several other insurance products like Online fraud protection, dengue insurance, hospital cash etc to name a few.
- 4. 4 THE BIRTH OF MOBIKWIK Singh started MobiKwik in 2009 when he was tired of his easy going corporate job and was looking to do something new in life. He wanted to create a simple payment platform for prepaid mobile users to recharge their currency. Since recharge is a small ticket size transaction, he created a digital wallet where users could keep the money and recharge whenever they wanted. He seeded the company with USD $250 thousand of his own money, developed the website and payment options, and rented office space in Dwarka, Delhi. The initial service was a website with a closed wallet facility, but over the years, MobiKwik extended their service to mobile apps.The company launched its android app in 2012. THE GROWTH OF MOBIKWIK On June 10, 2019, MobiKwik reported a 5 times year-on-year growth to Rs 362 crore in the gross transaction value of the IMPS (Immediate Payment Service) fund transfer business. With 6.7 lakh transactions during May 2019, MobiKwik is targeting Rs 10,000 crore worth of transfers, till the end of FY 2020. As per National Payments Corporation of India, MobiKwik has 26 percent share of the entire IMPS transfer market in India.
- 5. 5 In FY19, MobiKwik's revenue stood at Rs 184.6 crore, while it stood at Rs 85.6 crore in FY18. India's payments market is fragmented with some 60 odd banks for internet banking, multiple levels of authentication on debit and credit cards and a generally complicated electronic payment experience for the consumer. MobiKwik Wallet simplifies all that with a 1-click Payment flow on your phone, tablet or computer which works the same way every time. As a user, you just need to trust MobiKwik with your money and then you can shop on any merchant without disclosing your bank or card details. And of course, get exclusive discounts and offers every time you shop using the wallet. One can also earn money through MobiKwik by referring a friend on the platform. With the company venturing into new verticals, and having acquired a huge user base, MobiKwik is surely here to stay. The company too has exciting plans for the future.