MobiKwik Launches Prepaid Wallet; Targets Mobile Users

MobikwikOnline payments company MobiKwik has launched a mobile consumer wallet. Customers can store up to Rs 50,000 in their MobiKwik prepaid Wallet and use their it to purchase goods and services on third party merchant websites and mobile applications.

The company currently offers services such as mobile, DTH recharges and utility bill payments. The company had earlier received approval from the Reserve Bank of India’s (RBI) for prepaid mobile wallets.

The company said that it has more than 2.5 million users for its recharge and bill payments service. Nearly 10,000 new users sign up for a MobiKwik wallet every day, said MobiKwik. The company powers more than 75,000 transactions a day. Nearly 50% of the transactions take place on MobiKwik’s Android App which today boasts of more than 1 Million downloads.

According to a Gartner report, worldwide mobile payment transaction values will reach $235.4 billion in 2013, up 44% from 2012.

MobiKwik, founded in 2009, will now focus on acquiring third party merchants on the mobile platform and to enable the MobiKwik wallet as a payment option on them.

“Merchant tie-ups will be across category leaders in ticketing (bus, train, movies), food ordering, online shopping, digital goods, gaming, donations, etc. Select merchants live on the platform include Yepme, Ticketgoose, FloristinIndia,” said MobiKwik.

Users can add funds up to Rs 50,000 to it, by credit or debit card, Internet banking or cash cards. Once the wallet is loaded, users can start to make payments for services. The company has an app which works on Android, Apple, J2ME and Blackberry. It also works on SMS & phone. The MobiKwik Windows App will be launched soon, said the Rs 200 cr company.