What is MobiKwik? MobiKwik Review

1. 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".

At present, the company has reached cooperation with more than 50,000 merchants, including Café Coffee Day, PVR, Domino's Pizza, Pizza Hut, Tasty Khana, Just Eat, eBay, Jabong, Snapdeal, Shop Clues, Home Shop18, etc. The significance behind this is that since mobile e-commerce and smartphones are not yet popular in India, it is very important to guide users to use mobile payments with offline resources at this stage.

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.

2. Market situation of Mobikwik, India’s payment wallet

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

Mobikwik and Samsung Mobile Collaboration

Mobikwik announced its foray into fintech lending, partnering with IRCTC’s railway mobile ticket booking app. In July this year, Mobikwik also tied up with Samsung Pay, the proprietary mobile payment platform for Samsung’s premium phones, to provide one-touch payment services.

MobiKwik Wallet is now integrated with Samsung Pay Mini, enabling one-time payments at over 1.4 million MobiKwik-powered merchants across the country, allowing consumers to easily pay using just their selected Samsung phones.

Besides MobiKwik, Paytm and PayU have also partnered with the Indian Railways mobile ticket booking app.

3. Business content of Indian payment wallet Mobikwik

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. They can also use it to pay for mobile phones, TVs, data cards, broadband, landlines, electricity bills, gasoline bills and insurance premiums.

MobiKwik is building an application platform that will seamlessly hand over Bajaj Finance credit lines to pre-approved e-wallet holders for repayment in equated monthly instalments (EMIs). Bajaj Finserv has 55 million users and MobiKwik will immediately gain access to around 100 million Bajaj Finance customers through this partnership.

4. Business Features of Indian Payment Wallet Mobikwik

1. The business is mainly payment and transfer;

2. Cooperate with 17 Indian banks;

3.International payment supports VISA, MasterCard, american express; maesTRO

Mobikwik is India's second largest mobile payments and commerce platform

Mobikwik is the second largest mobile payment and business platform in India. It has obtained a banking license. It has mature cooperation with operators and many payment channels. Although the cooperation with other industry institutions is not as much as Paytm, it covers major companies. It is currently cooperating with the local bank IndusIndBank, and may have the intention to expand into financial business. At the same time, the communication threshold is low, so it can be used as a second choice. It has now been sold to India's Axis Bank for only US$60 million. For Axis Bank, the acquisition of FreeCharge and its users can help it better achieve digitalization.

MobiKwik's main competitor is Paytm

MobiKwik's main competitor is Paytm, which has been ready to launch financial services by partnering with several banks and financial companies. It is worth mentioning that 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 through new financial services such as loan distribution and loan collection. At the same time, MobiKwik is confident in its profitability and expects to achieve full profitability in the next one and a half to two years.

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