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MobiKwik: Building a new digital ‘भारत’

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For MobiKwik, to be a part of this journey has been fascinating and to be able to impact and serve this nation has been a dream come true. It gives us immense satisfaction to be distinguished as one of the top fintech platforms serving Indians. From a very humble beginning as a payments and recharge website to establishing ourselves as a one stop wealth management destination that Indians of all backgrounds rely upon for managing and growing their wealth, we have come a very long way. 

Carving a niche for oneself is never easy, but with a set objective, there really is no labyrinth one cannot overcome. We aim to build affordable and accessible financial services for every Indian, primarily focussing on the 750 million people who are underbanked and do not have access to a basket of financial products other than the basic Pradhan Mantri Jan Dhan Yojana accounts with limited savings and deposit services.

Payment solutions form the core of MobiKwik’s customer offering. In the last year alone, over 40 million people have transacted through the digital platform, recharging their mobile and data plans, paying for utilities such as electricity, cooking gas and DTH and shopping from e-commerce websites using the MobiKwik wallet. 

We, in our own way, are contributing towards ‘Building for भारत’ and laying the foundation for a newer, financially robust and digitized India.

Enabling financial empowerment

Loan for a very long time has been something that a mammoth population of Bharat couldn’t easily access. People like farmers, ploughers and more could always use some extra capital when their crops fail due to the weather or any other external force. Despite several government aid and initiatives, a huge number of people find it virtually impossible to get a loan from a bank or NBFC due to a multitude of reasons. Weak or non-existent credit scores, never-ending documentation, lack of liquid capital, and improper financial/ tax reporting are a few among the many issues that plague their dreams and capital requirements.

MobiKwik plans to completely eliminate this problem with its innovative product, Boost Loan, and has already started sowing the seeds. These loans, sans a plethora of paperwork and pledging of assets, is MobiKwik’s first foot forward towards financially empowering Bharat. Boost loan of Rs 1 lakh provides never seen before financial aid to these users, for their varying needs. It has revamped the loan disbursal procedure into something that only takes minutes to complete. MobiKwik is now synonymous with trust and ‘Instant’ is its USP.

With such value-added products MobiKwik is looking at bringing a whole new segment of Indians into the financial empowerment.

Building financial security

The number of digitally transacting users in India is less than 180 million or roughly about 10% of the population. There is a huge potential for establishing financial safety across smaller hamlets and towns. We have specifically designed packet-sized insurance products that especially benefit the less fortunate Bharat, that has a limited access to such high-end facilities. It exposes them to a better quality of life, that is now very easily insured.

Insurance is one of the highly important financial backing, anybody can invest in. It comes in handy in case the bread earner of the family passes away and the rest of the members are forced to fend for themselves. Yet 97% of Indians are uninsured, courtesy of high premium costs, not-so accessible facilities and other such reasons. MobiKwik has introduced sachet-sized micro insurance that promises security at unprecedented pocket friendly prices. The bulk of the vulnerable citizens can now secure a combination of Term Life and Accidental Insurance cover up to Rs 1 lakh at a nominal premium of Rs 20 only. 

A host of other insurance products such as Hospital Cash, Cyber Insurance, Dengue Insurance, Fire Insurance and Loan protection at highly economical premiums ranging between Rs 20 to Rs 200 and provide financial security against almost all kinds of personal and professional risks.

Built in India, by Indians, for Indians

Future is always unpredictable and preparing oneself for absolutely anything and everything is the only predictability one can get. Investing and growing assets through classic and modern options available is one of the best options and MobiKwik has presented its users with. Gold is the oldest commodity to invest in whereas Mutual Funds have a fairly new resume to display. It is remarkable how a payments and wallet platform now has everything under a single roof. 

MobiKwik has managed to ditized the archaic investment tool for Indians, i.e. Gold. Gold for Indians is almost equal to love and heritage. Gold that is passed on from generation to generation is given with enormous value and memory attached to it. Purity of gold is often a topic of worry for Indians just like the safe keeping. MobiKwik Digital Gold can be bought at the market price for as low as Re 1 and can be converted into physical gold for personal use at any point of time and has attested itself as the revolutionary product with 2.5 lakh users already investing in the product. The physical loan that is bought in exchange for the digital one, is 99.5% pure, eliminating the concern for purity. Also, gold that doesn’t exist in the physical form is very easy to safe keep.

Additionally, the MobiKwik app enables Indians to build their investment portfolio with the option to choose from Low Risk Funds, ELSS Funds, Liquid Mutual Funds or KwikSave and several more. Currently, less than 1.5% Indians invest in Mutual Funds. The reason could be anything from locking period to high risk factors. But with tax saving schemes and Liquid Mutual Funds, we aim to attract more and more users to this rarely trotted path.

MobiKwik has built highest rated security protocols with multi-layer shields so Indians can move to digital transactions with ease of mind. It has earned the trust of Indians by meeting international security standards. Its payment gateway is PCI DSS and ISO 27001 certified to secure all card, banking and transaction data of customers. 

Innovating to cater to users’ needs 

Understanding the pulse of the Indian consumer is key to developing products that will resonate with them. MobiKwik has been at the forefront with many such groundbreaking products. 

MobiKwik is the only wallet that enables redemption of loyalty points like PAYBACK & MGM into real wallet cash, that further makes the money actually worth more than it is. All users have to do is shop, there is no restriction with regards to the merchant, bill or mode of digital payment. More the users spend, the more PAYBACK points are collected and those loyalty rewards can ultimately be converted to wallet balance, only on MobiKwik.  

We also play a huge role in facilitating international recharge in 150+ countries and over 550 mobile operators that can help students, migrant workers and business travellers manage their mobile plan and recharges with ease. We have always believed in catering to our users’ needs irrespective of the country they are in.

In closing

Inclusion of every single Indian irrespective of a physical or perceived divide, a strong digital infrastructure along with an endearing vision, leadership and honest intent is that MobiKwik dreams of and will be ceaselessly working towards.   

As CEO and Co-founder, Mr Bipin Preet Singh puts it, “Those in the financial services business should bear the burden of noblesse oblige – the responsibility to ensure that the rising economic tide lifts all boats.”

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