What is MobiKwik? MobiKwik Review, Features

MobiKwik is an independent mobile payment platform in India that provides fast transactions, remittances, credit services and other services to more than 120 million users.

About MobiKwik

• MobiKwik was founded in 2009. Its main product is a mobile wallet application that allows users to use online payment for daily payment activities such as mobile phone recharge and bill payment. It can be roughly compared to "Indian Alipay".
• MobiKwik enables better engagement between businesses and individuals through multiple modes of online bill payments. Over the years, it has evolved to build a smooth, secure and reliable platform that provides an effortless experience to its users.
• Users can use MobiKwik to add in-app security settings on supported mobile platforms, including iOS, Android, and Windows. All services are also available on PC and mobile.

Market Conditions

• Invested by Sequoia Capital, GMO, and Lianfa, it is the second largest payment wallet in India, with more than 65 million users. After the demonetization policy was issued, the daily download volume of the app increased by 40%, and the number of users ranked second;
• IndusIndBank, a local bank in India with 10 million users, has reached a cooperation with MobiKwik. The two parties will launch a co-branded digital wallet product 'IndusInd Mobikwik'.

Business Content

• After users deposit money into the e-wallet, they can purchase products or services through applications, web pages, mobile websites, text messages or phone calls.
• MobiKwik is building an app platform that will seamlessly hand over credit lines with Bajaj Finance to pre-approved e-wallet holders for repayment in equated monthly instalments (EMIs).

Business Features

• The business is mainly payment transfer;
• Partnering with 17 Indian banks;
• International payment supports VISA, MasterCard, american express; maesTRO.

Competitors

• MobiKwik's main competitor is Paytm, which has been ready to launch financial services by partnering with several banks and financial companies. However, although Paytm has established a payment bank, it is still unable to provide basic financial service products such as lending due to regulatory constraints.
• MobiKwik hopes to bring more benefits to customers by adding financial services such as loan distribution and loan recovery.