Time has changed and our physical wallet has made way for mobile wallets. You can do a lot of things with a mobile wallet. This can range from settling dues to purchasing items just by using an online gateway or by a mobile banking app. Money can be transferred to and from the wallet in real time. An individual needs to link his Bank to the wallet in order to make or to receive payments. A user can add money to his/ her wallet and put it to use in future transactions to be done online. A user can carry out transactions in various industries like online shopping, airline ticketing, and booking movie tickets. These wallets come with a two factor authentication but still we recommend you to have a robust password to prevent hacking.
Mobikwik was incorporated in India in 2009 to provide its users with a mobile phone based payment system/gateway and an e-wallet. The company got a clearance from RBI (Reserve Bank of India) to use its wallet in 2013. Considering the technological profile of the country the app initially aimed to work on 2G network and in areas with poor connectivity. The company claims to have linked up with 1.5 million merchants and has a user base of 55 million customers
The company launched its walled in 2013 that enabled users to deposit money online and to use it for bill payments or on other in app purchases , in 2014 they also introduced a feature of sending and receiving money via mobile app. The wallet claims to add one million users every month. In partnership with Cashcare, Mobikwik began providing small loans between 500-2500 to its customers
Mobikwik in association of ICICI Bank has announced a digital life insurance which is first of its kind. A customer can buy a term insurance starting at just Rs. 20. The users have an option to choose from three sum assured policies: Rs 1 lakh, Rs 1.5 lakhs and Rs 2 lakhs, available against monthly premiums of Rs20, Rs30 and Rs40respectively.
Mobikwik has often made into the financial headlines of the country by announcing innovative products. Recently MobiKwik announced the launch of digital gold on its app. The launch is in line with the brand’s commitment to offer the entire range of financial services. The company has tied up with Safegold that would allow customers to buy, sell or trade gold through the app. All MobiKwik users will be able to buy and sell 99.5% purity, 24 carat gold on the app, starting at as low as Re 1. This is the first phase of the launch and MobiKwik will be adding new features towards the end .
The never ending cashbacks, discounts, offers – all add up to savings for you and gives you more money to spend on what you want.
It cannot get any easier than having your smartphone act as a portable wallet. Money stored and linked with your account from which you can pay or receive payments with just a few clicks. It’s that simple.
If you carry your wallet there might be risk of losing all hard cash it has, with Mobikwik wallet you even if you lose your phone, it will require a pass code to access you wallet. You can always log onto the website and block in case of any suspected transactions
It is human tendency to spend more when transacting in cash. With digital transaction you get to know your real time updated balances which would make you aware of how much have you spent.
Mobikwik wallet is a quit attractive offering when it comes to the range of service it has to offer. The wallet has strategically collaborated with trusted partners like ICICI, safegold which gives this company a competitive advantage over other wallets in competition. Mobikwik got an initial boost at the time of demonetization and since then they have managed to retain their loyal customer and poach other company’s customers also. Mobikwik is the only Indian wallet that gives heads-on competition to e-commerce giant Paytm.
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