With an aim to make personal wallet redundant, Mobikwik in one of the largest mobile wallet in India. It allows Indian consumers to store money in a virtual wallet and then use it across channels ( mobile, desktop, tab, sms, ivr) to pay utility bills and shop using wallet with registered merchants. For example, as a user you could use it to recharge your mobile via MobiKwik Android/iOS/BB/Windows App, or use it buy bus tickets on any popular bus booking website or order and pay for pizza on the phone. It is a prepaid financial instrument approved by Reserve Bank of India.
The company which was founded in 2009 claims to have over 45 million users and 9,00,000 merchants in December 2016. It accepted a profitable business by the mid of 2017 planned by offering loans and mutual funds for the users.
MobiKwik ventured out in the offline space and activated mobile payments for brick-and-mortar stores such as Big Bazaar and Domino’s Pizza and claims to have over to 10000 retail stores, and restaurants that accept MobiKwik payments.
Bipin Preet Singh
Founder and CEO at MobiKwik, Bipin studied graduated from IIT Delhi in 2002 with a degree i electrical engineering. After college Bipin worked for 7 years at some of the biggest startups such as Nvidia, Intel and Freescale Semiconductors.
Upasana comes with a strong payments background as a senior product manager with PayPal (an eBay company) in Silicon Valley and prior to that with HSBC at San Diego. She graduated with a Bachelors in Engineering from NIT Jalandhar and a Masters in Management Science from Stanford University.
There are 900,00 registered merchants offering their services in forms of coupons and incentives. slogan “More than a wallet”, MobiKwik offers a multitude of options other than the conventional online payment and wallet , offers a cash pay service where users can deposit cash into the nearest ICICI bank branch, and 80,000 outlets where consumers can go and deposit cash to the Mobikwik wallet Mobikwik, which has about 30 million wallet users.
MobiKwik, so far raised $126.85M from 9 investors in 6 rounds. Top investors include Sequoia Capital, Tree Line Asia, American Express, Cisco Investments, GMO Payment Gateway, and MediaTek,
MobiKwik raised 250,000 through seed funding, $5 million in its Series A funding from an unnamed US-based VC firm in 2013 , 30$ million in funding from Tree Line Asia and Sequoia Capital in Series B. In May 2016, raise 50$ million from GMO Venture Partners, raising 40$ million in private equity from NET1, a South African payments technology entity.
Concept of the new“ MobiKwik lite”
MobiKwik has launched MobiKwik ‘Lite’, a light mobile wallet, aimed to help unorganised retailers and shopkeepers across India to receive payments.
It is under 1 mb and this allows it to work smoothly on EDGE connections. This move is aimed to address the underserved smartphone users in India, that have slow data connectivity.
MobiKwik has decided to charge no bank transfer fee till March 31st, 2017. Using the ‘Lite’ version users can make payment even if they do not have MobiKwik wallet.
Users can transact for upto INR 20000 per month, and the merchants can transfer up to INR 50,000 per month from these the prepaid payment, The new payment option will allow Mobikwik users to access online payments via the UPI with added services like net-banking, wallets, and credit/debit cards as well.
Why should any Consumer use MobiKwik Wallet?
India’s payments market is fragmented with some 60 odd banks for internet banking, multiple levels of authentication on debit and credit cards and a generally complicated electronic payment experience for the consumer. MobiKwik Wallet simplifies all that with a 1-click Payment flow on your phone, tablet or computer which works the same way every time. As a user, you just need to trust MobiKwik with your money and then you can shop on any merchant without disclosing your bank or card details. And of course, get exclusive discounts and offers every time you shop using the wallet.
Mobikwik UI is so simple everyone can use it some times the recharge done under a weaker signal in Paytm may he failed but mobikwik works excellent in weaker signals too. The recharge done on mobikwik done in 5 to 10 seconds
MobiKwik- Technology Stack
Java is used on mobikwik’s main website , a combination of struts , spring & hibernate and backbone js at frontend.
Mysql , postgres and redis for data storage.
Python django is used to build interfaces for merchants and staff users
With demonetisation coming in, payments have now become mass. And with demand growing so rapidly, mobikwik is looking for rapid expansion.
the firm will be investing over Rs 50 crore in setting up 13 new offices to cater to regional requirements and will be hiring over 1,000 employees, pan India, across technical and non-technical requirements to drive its business growth.
It also recently announced receiving the Bharat Bill Payment System that enables the company to become a one-stop destination for pan-India utility and convenience bill payments across sectors.
MobiKwik Wallet has only one goal – make payments very easy and fun for every Indian