Mobikwik | Pixr8 News

Mobikwik Offers 6% Annual Interest Rate on 5000/month Balance in Wallet

1Jun By AdityaNo Comments

News

Mobikwik Offers 6% Annual Interest Rate on 5000/month Balance in Wallet

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...

Mobikwik Offers Loans to Wallet Users to Push Digital Payments

22May By AnkitaNo Comments

News

Mobikwik Offers Loans to Wallet Users to Push Digital Payments

Fin-tech company Mobikwik is expanding its services by offering instant micro loans to wallet users running short on balance as part of its efforts to boost digital payment usage in the country. The company, which competes with Alibaba-backed Paytm, started pilot on the project a few weeks back and has already given loans to about 25,000 users. "These are micro loans, about Rs 500-2,500, given to users when they are running short on balance while making a purchase. We are happy with the product, the repayment rates are around 97 per cent. We are now looking at expanding this," MobiKwik co-founder Upasana Taku said. She added that the company has partnered consumer-lending marketplace, CashCare for the service. MobiKwik is in process of adding 10-12 other similar banks and...

20May By NitishNo Comments

News

News Updates: MobiKwik Partners With Domino’s Pizza, Burger King, Flipkart’s EKART Introduces Smart Courier Service

MobiKwik, one of India's independent mobile payments' network has partnered with Domino's and Burger King for cashless payments across their outlets in 200+ Indian cities. With this association, MobiKwik now has enabled cashless payments across 8,000 restaurants in India. Announcing these associations, Upasana Taku, co-founder, MobiKwik said: "At MobiKwik, we are driven with the vision of a cashless India and our association with these food-retail giants like Dominos is a strong step towards realising that idea. We aim for 100 percent growth every month through offline food and retail tie ups." MobiKwik is one of the largest independent mobile payments network, connecting 30 million users with 75,000+ retailers. Founded in 2009 by Bipin Preet Singh and Upasana Taku, the company has raise...

3May By PriyankaNo Comments

FUNDING

Mobikwik Raised USD 50 Million (Rs 330 crore) in Funding

Mobile wallet company Mobikwik today said it has raised USD 50 million (about Rs 330 crore) in funding, led by Japanese payments firm Gateway and Taiwanese chip maker MediaTek. Its existing investors such as Sequoia Capital and Treeline Asia also participated in the current round of funding. The company said it will use the proceeds for product innovations, team building, and user growth. "Despite the current business climate when funding has become challenging, unit economics, sustainable growth and a sound business model are what investors are focusing their attention on. We are very excited to live up to the investors expectations and raise the funding where even larger players are failing to raise funds," Mobikwik founder and CEO Bipin Preet Singh said in a statement. MobiKwiks...

After GOSF, Now WOSF – Women’s Online Shopping Festival is Here To Pamper You

2May By NitishNo Comments

News

After GOSF, Now WOSF – Women’s Online Shopping Festival is Here To Pamper You

Every woman needs to be treated in a special way and to do so, VelvetCase.com has conceptualised a festival titled Women's Online Shopping Festival (WOSF), wherein various lifestyle and fashion brands will be coming together to provide a shopping paradise to the modern women. Talking about the festival, VelvetCase.com's Founder and CEO, Kapil Hetamsaria said, "I am super-excited to see how an idea born over a dinner conversation a few months ago has snowballed into an event that has the potential of becoming a premier annual property driven by leading brands." Talking about the idea behind WOSF, Neha Kant, Founder of Clovia said, "We see women buyers as significant contributors to the growth of e-commerce and online purchase in India, this made us pop with the idea of WOSF." Meanwhi...

Mobikwik Planning To Turn Profitable By mid-2017

17Apr By RishabhNo Comments

News

Mobikwik Planning To Turn Profitable By mid-2017

Gurgaon-based mobile wallet firm MobiKwik expects to turn profitable by mid-2017 and plans to diversify revenue streams by offering financial products like loans and mutual funds, a senior executive said. "We are looking at diversifying our revenue streams and our first goal is to be profitable on a monthly basis by middle of 2017," MobiKwik founder and chief executive Bipin Preet Singh told PTI. The firm looks to expand its financial services offerings and has started entering into partnerships with banks and financial institutions for the same. MobiKwik is partnering with non-banking finance companies (NBFCs) to offer micro-lending to its users, and is also looking at launching a mutual fund portfolio going forward, he added. The company is also focussing on the offline category, an...

7 Key Points of RBI’s New Online Payment System “Unified Payments Interface Protocol”

11Apr By NitishNo Comments

News

7 Key Points of RBI’s New Online Payment System “Unified Payments Interface Protocol”

The Unified Payments Interface (UPI), which comes into effect Monday, is a single interface across all National Payments Corporation of India (NPCI) systems, allowing customers to instantaneously transfer funds across different banks with the use of a single identification and password. Multiple bank accounts can be linked to a single mobile banking application and money can be both received and requested through the same interface. This could weaken the case for consumers having to store money in multiple electronic wallets to pay for services such as cab rides, movie tickets or utility bills. Mobile banking has surged in India in recent months as banks have pushed both retail and corporate customers to adopt platforms designed to transact on the phone. In the September-December qua...

Big Blow For Paytm & Mobikwik- IRCTC Barred Usage of E-wallets between 8AM to 12PM

30Jan By AnkitaNo Comments

News

Big Blow For Paytm & Mobikwik- IRCTC Barred Usage of E-wallets between 8AM to 12PM

The railway ministry on Thursday announced new rules for booking of online tickets through the IRCTC website, which will be effective from February 15. It has barred usage of e-wallets and cash cards between 8 am and 12 noon, besides reducing the maximum number of ticket bookings allowed to an individual user to six in a month from the current 10. The ministry of railways’ decision could affect Paytm and Mobikwik’s plans to get train travellers to use their mobile wallets. Only last month Gurgaon-based One MobiKwik Systems Pvt Ltd, which runs Mobikwik, had said that it expects to facilitate railway ticket bookings worth Rs 1.75 crore in the next six months. Indian Railways had chosen Mobikwik as its primary wallet for IRCTC Connect Android App. Paytm, run by One97 Communications L...

After cabs, Uber plans own ‘Uber wallet’ in India

1Sep By No Comments

News

After cabs, Uber plans own ‘Uber wallet’ in India

US-based cab service provider Uber is planning to come up with its own mobile payment wallet in India, according to sources. It is planning to apply to RBI for the licence. At present, consumers can pay for Uber trips via Paytm wallet. It recently tied up with Airtel Money to facilitate payments via the latter's wallet as well. The latest plan is in line with the firm's ambition to make India its second biggest market after the US. It recently entered four new Indian cities, taking its tally to 22 cities. "It would be a natural progression for Uber in India given the importance it attaches to Indian market.The growth plans will get a further boost if it gets the nod from RBI for a semi-closed wallet ," a source close to the development said requesting anonymity . When contacted, a...