MobiKwik is not just another payment app that users can download on their smartphone and use to pay for the services consumed and products purchased. MobiKwik enables users to make safe, quick, and effortless online payments.
A Digital Banking solution for millions
Your hard-earned money needs to be saved, every last penny, but there is always a gap between what you seek and what you can achieve. Managing both ends of their expenses becomes a struggle for middle-class families; managing savings can be an even bigger struggle.
As per a recent study in 2019, about 80% of Indians have a bank account. However, back in 2011, only 35% had an account in Banks. Amidst all this, comes MobiKwik, an app that is easy to download on a smartphone and operate with ease, with a few flicks of your fingertips.
MobiKwik became a Digital bank for such under-banked Indians in 2019 as the app progressed to become the single platform for direct access to the bank account, using the platform to pay for all kinds of services and purchases, accessing instant loans and mutual funds, wealth management, buying and selling digital gold and more. MobiKwik enables its 101 million+ customers to experience top and fast-edge services that are akin to 21st-century experience and not a web-based or branch-based experience.
Kwik Save – A unique feature to make low-risk savings
In 2019, MobiKwik had entered into a strategic association with Reliance Nippon Life Asset Management offering Kwik Save, a Mutual Fund offering where users can invest in low-risk funds with their savings. The company’s first acquisition also followed the same path. ClearFunds, a Mumbai-based wealth management company was acquired to expand in the wealth management domain to help users grow their assets and save tax. The move was a formal announcement of MobiKwik’s plans to become a full-stack FinTech company and started with its foray into wealth management.
Today, the ever-growing giant app is associated with thirty-six Fund houses offering freedom to its users to pick from leading fund houses for investment. All the top names in the funding industry are part of this association. Some of the names are – Aditya Birla Capital, BNP Paribas Mutual Fund, Axis Mutual Fund, HDFC Mutual fund, ICICI Prudential Mutual Fund, Franklin Templeton Investments, Indiabulls, LIC Mutual Funds, and more.
There is a promise of higher returns vis-a-vis savings bank accounts or even fixed deposits. The annual interest on the savings bank account is usually between 3.5% and 4%. The documentation process or the initial procedures involved with investment is very simplified, fast, and easy to understand. Within minutes, the user is ready to start his investment process, thanks largely to MobiKwik’s robust back-end features that help process the investment almost instantly.
The same is the case when users have to redeem their investments. While the traditional process takes about a day or two, with Kwik Save, the redeemed* money is instantly transferred to the user’s bank account within seconds. And, with the MobiKwik App, the user can request redemption any time of the day, 24x7. Some of the key features of Kwik Save are:
● Users can withdraw money into their bank account 24x7.
● *They can withdraw up to INR 50,000 daily or 90% of the current investment value, whichever is lower.
● Kwik Save is a product that facilitates savings and withdrawal with ease and convenience for end-users encouraging them to get started on their investment and savings journey.
The target market for this innovative wealth management product has typically been the younger generation who are tech-savvy – the ones who have embraced Digital payment with enthusiasm and vigor. Many amongst them are shy to invest or are investing for the first time and therefore have their doubts and are not too sure of investing. Most of them are wary of the lock-in periods and the time-consuming redemption periods. Compared to this, the key strength of Kwik Save is its faster turnaround time and minimal paperwork.
Save money by using MobiKwik Payment App
Users who are still not ready for investments and wealth management strategies, like college-going students, retired people, salaried people, etc., can still save and grow their wealth with the regular usage of the MobiKwik App. One needs to use the App regularly to make payments digitally against services and products. For example –
● Using MobiKwik to pay for daily essential services like groceries, vegetables, etc., one can get discount coupons and cashbacks.
● Similarly, when using the MobiKwik Digital wallet for online shopping or booking flight tickets, hotel rooms, paying utility bills, recharging mobiles and DTH, etc., they can still earn cashbacks and get discounts on other services from other merchants.
● MobiKwik also has a ‘Refer and Earn’ policy. It works this way – when users refer MobiKwik to their acquaintances, friends, and families, they stand to gain in the form of a cash bonus that gets deposited directly to the user’s account as a reward.
In a nutshell
Saving is an essential aspect – the more you save, the better secure your future is. With MobiKwik App, users can save small amounts with regular use as a payment app. These small amounts add up to become a good sound saving at the end of the year.
On investments, understandably, there are various reasons why people hesitate in putting their money in mutual funds or making investment decisions. With Kwik Save, MobiKwik has taken a progressive step in removing many obstacles that a common person faces during the investment cycle, giving hope and reasons to start saving and managing their wealth meaningfully. Download the MobiKwik app today and start your investment and savings journey today!
