Fin-tech company MobiKwik today said it will offer 6 per cent annual interest on the account balance to its mobile wallet users.
The company, which competes with Alibaba-backed Paytm, has over 30 million wallet users in the country. MobiKwik claims it is growing at 250 per cent per year and expects to touch 70 million users by the end of 2017.
"This is the first time in India that users can get higher profits than institutional savings on their mobile wallet balance," MobiKwik said in a statement.
To avail the 6 percent annual return, users would have to maintain an average of Rs 5,000 or more in their wallets per month.
"Profits will be credited to users MobiKwik accounts on a monthly basis only. The announcement is part of the company's plan to expand its services across solution...
