Introduction of Digital wallets is a great step into digitizing India’s cash oriented economy. By reducing tangible cash dependencies of users, it allow faster instantaneous transactions.
Understanding the untapped potential in the Mobile payment segment in India on the consumer-side, Mobikwik, a digital wallet player, added the features of online and mobile shopping to its portfolio of services. Through this introduction, the company claims to become India’s first Consumer Mobile Wallet, an online counterpart of a physical 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 INR 50,000 in their MobiKwik Wallet and use their wallet to purchase goods and services on third party merchant websites and mobile applications.
The company is also planning to tie up with third party merchants 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. Presently, the merchants which are on the platform include Yepme, Ticketgoose, FloristinIndia etc.
Since its launch in 2009, Mobikwik today has a user base of 2.5 mn with more than 10,000 new users registering everyday. It powers more than 75,000 transactions daily, wherein 50% take place on its android app, which today boasts of more than 1 Million downloads. The merchants who are interested in using this payment solution can sign up here.
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