MobiKwik

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MobiKwik
Private
Industry Mobile Wallets / Online Payments
Founded April 2009 (2009-04)
Founder Bipin Preet Singh, Upasana Taku [1][2]
Headquarters Gurgaon
Area served
 India
Services Mobile and online payments, phone and DTH recharges, money transfers, shopping
Parent One MobiKwik Systems Private Limited
Slogan More than a Wallet!
Website mobikwik.com

MobiKwik is a mobile wallet and online payment system where a user can store money to make mobile and DTH recharge, pay utility bills and shop using wallet with over 50,000 merchants.[citation needed] The MobiKwik wallet has to be loaded with money once before it can be used across functions.[3][4] MobiKwik provides users the option to add money using their debit or credit card, net banking, and ‘cash pay’, a doorstep cash collection service. MobiKwik wallet is a semi closed wallet authorized by Reserve Bank of India.[5]

History

MobiKwik was founded by Bipin Preet Singh and Upasana Taku in 2009.[2] Over the years, MobiKwik extended their service on mobile apps.[6][7]

They tied up with various online merchants such as eBay India, BookMyShow, Dominos India, ShopClues and Snapdeal to provide accessibility of their wallet as a payment option on e-commerce sites.[8][9] Moreover Mobikwik also introduced the feature of sending and receiving money via MobiKwik mobile app.[10][11] Mobikwik raised under $5 million in its Series A funding from an unnamed US-based VC firm in 2013 and is expected to get another $30 million in the coming year.[12]

Business model

A user has to add money once to MobiKwik wallet and can then use it multiple times across functions, services, and service providers. Storing money in MobiKwik wallet reduces the risk of exposing card details or bank account details at multiple merchants when shopping online.[8]

Achievements

  • MobiKwik partnered with PVR to enable payments for Movie Tickets using MobiKwik wallet.[13]
  • As of April 2015, MobiKwik is used by 15 million users and "claims to be adding one million new customers every month", according to Forbes India Magazine.[14]
  • Cisco, Amex & Treeline invested $25 million in Mobikwik.[15]
  • MobiKwik partnered with Cardback to enable all the listings of MobiKwik on the Cardback platform. Cardback will in-turn assist users to pay using the best possible way comparing between the users' credit card, debit card and wallet offers.[16]

Awards

In 2014, MobiKwik won the mBillionth Award South Asia in the category of Mobile Business.[17]

References

  1. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  2. ↑ 2.0 2.1 Lua error in package.lua at line 80: module 'strict' not found.
  3. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  4. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  5. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  6. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  7. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  8. ↑ 8.0 8.1 Lua error in package.lua at line 80: module 'strict' not found.
  9. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  10. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  11. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  12. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  13. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  14. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  15. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  16. ↑ https://plus.google.com/+CardbackIn/posts/XwdGdJ9q9Kq
  17. ↑ Lua error in package.lua at line 80: module 'strict' not found.

External links

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