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Business

Updated on: Friday, December 17, 2021, 04:36 PM IST

MobiKwik- your financial superpower!

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India was still catching up with digitization and automation – as a developing economy when it opened its doors to new technologies. This made smartphones and internet-enabled financial transactions a new norm!

2009 was also momentous in many other ways. One such remarkable incident was the launch of a company called MobiKwik. As the name says it all, the company started to make mobile recharges and bill payments easy and fast. The company had a website using which registered users could carry out these two activities with ease, simply from the comfort of their home or office, with the help of a smart device – laptop, desktop, mobile phone, or tablet.

Growing philosophy

Over the next few years, MobiKwik expanded its horizon by adding various other payment-related aspects to its service offering. These included payments related to utility bills, DTH recharge, etc. – all of these could be done via the website and using payment methods like debit and credit cards and Netbanking.

MobiKwik was doing good; it had started to earn a good name in the market – trusted by many customers and merchants; MobiKwik took the next leap in the future. It launched its mobile App called MobiKwik that made most of the above-mentioned tasks even easier and faster than before.

Over the years, the company has opened up and broadened its horizons. The vision was to make the brand a true Indian hero – an indigenous FinTech full-stack company with a progressive mindset.

The full-stack FinTech Company

This journey was all about expanding in new domains with the thought of replicating traditional financial services with automation and technology. As a one-stop centralized platform, MobiKwik wanted to offer its 101 million+ customer base the happiness of conducting most of their financial activities using the MobiKwik App.

a. Payment specialist-
Payments were already something that the company had mastered and specialized in. After all, it was one of India's fastest-growing companies in the online payment industry by 2016.

b. Lending-

MobiKwik was quick to enter the online lending domain too. The concept of BNPL or Buy Now Pay Later was quite popular in the west. MobiKwik launched its Buy Now Pay Later facility named Zip to offer instant credit to its users. Similarly, it also launched the MobiKwik Blue American Express Card, another great effort to digitize credit card offerings for its customer base. In both cases, users need to use the MobiKwik App on their smartphones to activate the facility and use the e-credit card almost instantly. The Zip, for example, offers a monetary value of up to INR 30,000 as a credit to users that they can use at the online and offline stores of about a million-plus merchants to pay for last-minute or urgent purchases. By paying back the bills on time, they can be using Zip as and when required. Also, by paying back on time, users can improve their credit scores and become eligible for a home or car loan from banks and other traditional financial institutions.

c. Wealth Management-

Getting onto investments and wealth management was the next step in the process, and the company did not stop from going this way. The MobiKwik App has a Buy Gold option, and individuals can use their digital wallet to invest in gold of any value from Re. 1 that they deem fit and convenient. Users have the option to keep their purchased gold with MobiKwik or take physical delivery.

Another big step for the brand was when it introduced the investment in Direct Mutual Fund using the App. The company has partnered with about 36 Fund Houses to offer this service. The biggest benefit of using this App is that it involves minimal paperwork. Once users are registered, they can access all the thirty-six Fund houses and start investing with them. Some of the industry's most trusted and well-respected names are part of the partnership, including the likes of Axis Mutual Fund, HDFC Mutual Fund, BNP Paribas Mutual Fund, IDBI Mutual, Kotak Mutual Fund, and more.

MobiKwik – your trusted financial Superpower

A small web-based payment platform has revolutionized the Indian payment industry within only ten years. It is incredible how the platform has grown to become one of the top financial superpowers in the country today. There is no avenue that the FinTech platform has not ventured into or experimented with – all with the objective to offer users easy finance-related tasks and activities. So download the MobiKwik app today!

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Published on: Friday, December 17, 2021, 04:36 PM IST
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