Table of Contents
MobiKwik-success-story- Bio, facts, Net worth, Business, Income, Growth, Investments, Challenges Faced. Personal life.
Mobile wallet uses and digital transactions are now commonplace. The ability to make simple, hassle-free payments without constantly looking for change when making purchases is one of the main advantages of utilizing a mobile wallet. MobiKwik is one of the original Indian mobile wallet companies that has carved out a position for itself in spite of the fierce rivalry in the industry, despite the fact that many foreign players are currently offering mobile wallet services in India. MobiKwik, which was founded by Bipin Preet Singh and Upasana Taku, a husband-and-wife team, has a unicorn valuation and plans to go public shortly.
What is MobiKwik and How Does It Operate?
One of the biggest mobile wallets in India, MobiKwik, will render personal wallets obsolete. Indian customers can use it to keep money in a virtual wallet, which they can subsequently use to pay for utilities and make purchases using any channel (mobile, desktop, tab, SMS, IVR).
As a user, you could, for instance, use it to pay for pizza with an app on your phone or reload your smartphone using its Android, iOS, BlackBerry, or Windows app. You could also use it to purchase bus tickets on any well-known bus booking website. The Reserve Bank of India has authorized this prepaid financial product.
In 2009, Bipin Preet Singh and Upasana Taku established MobiKwik. Over 107 million customers, 3 million merchants, and more than 200 billers are reportedly present on the Gurugram-based digital wallet's platform.
MobiKwik is really secure. Your wallet has all of your pennies in one place. Additionally, you can make advantage of the additional in-app security options that are accessible on any mobile device it works with. These are Windows, iOS, and Android. A desktop website and a mobile website are also accessible through all of the app's services. Also, the user interface (UI) is kept basic to ensure a seamless experience for users.
MobiKwik entered the offline market by enabling mobile payments for numerous physical retailers, including Big Bazaar, Domino's Pizza, and many more. It acquired the coveted Prepaid Payment Instrument license from the Reserve Bank of India on 18 July 2013. Additionally, the RBI has given the business in-principle clearance to establish a Bharat Bill Payments Operating Unit (BBPOU), which would allow customers in both urban and rural areas of India to pay their utility and convenience bills using the MobiKwik wallet
The startup's first offering was a website with a closed wallet feature, but over time, MobiKwik expanded to include mobile apps. It has evolved into a full-stack fintech business today. In addition to taking out loans, one can make bank transfers. The organization has tie-ups with NBFCs like Bajaj Finance, Aditya Birla, and DMI Finance.
It offers a wide range of loan choices, including credit lines, term loans, and fast 3-minute loans. In addition, it provides a number of other insurance products, including hospital cash, dengue insurance, online fraud protection, and so on. It has also partnered with ICICI Lombard for accidental insurance.
With over 60 banks offering online banking, numerous verification levels on debit and credit cards, and an overall convoluted electronic payment experience for the customer, India's payments business is fragmented. With a 1-click payment flow that operates consistently on your PC, tablet, and phone, Mobikwik wallet payment solutions make all of that simpler.
As a user, all you have to do is trust it with your money, and you may shop at any merchant without giving your bank or card information. You may expect to receive exclusive discounts and offers whenever you use the wallet. You may also earn money by recommending a friend to the site via the app. MobiKwik is undoubtedly here to stay, with the company expanding into new industries and amassing a massive user base. The company has great plans for the future as well.
