MobiKwik, one of the early movers in the Indian mobile wallet space has today announced that they will be partnering with Karnataka Mobile One and Bangalore One to enable Karnataka users to make payments and money transfers easier. This will effectively bring down the cost of cash and enable a digital payment infrastructure at many government and private establishments across the state.
MobiKwik is an Indian wallet major with a network of more than 1.5 million direct merchants and over 55 million plus users. Founded in 2009 by Bipin Preet Singh and Upasana Taku, the company has raised three rounds of funding from Sequoia Capital, American Express, Tree Line Asia, MediaTek, GMO Payment Gateway, Cisco Investments and Net1.
MobiKwik aspires to be the largest source of digital transactions in India. It is powering e-payments for IRCTC, Uber, Meru Cabs, Big Bazaar, OYO Rooms, Zomato, PVR, Archies, WHSmith India, BookMyShow, Grofers, Big Basket, Dominos, Burger King, Pizza Hut, eBay, ShopClues, Myntra, Jabong, Pepperfry, Barista, Food Panda, Nearbuy, Van Heusen, Allen Solly, Louis Phillips, GoDaddy, MakeMyTrip.
MobiKwik, today announced the company’s partnership with Karnataka Mobile One, a mobile application for facilitation of government-citizen engagement and collaboration, pioneered by the state under its smart cities efforts. The app will simplify the payment of government taxes and utility bills for over 66 million residents of the state. Users can also book railway tickets, apply for driving licences and filing income-tax returns on the application.
Vineet Singh, Chief Business Officer at MobiKwik said, “This association is another important milestone in line with our vision to make India digital. We support government’s smart cities mission and Digital India campaign and are glad to associate with Karnataka Mobile One to make Bangalore a less-cash city.”
The digital payment category overall has a 40,000 Crore opportunity of which apps like Karnataka Mobile One receives a market opportunity of Rs.3,500 Crore. Karnataka Mobile One will provide MobiKwik a strong presence and platform from the business point of view. MobiKwik also recently opened its office in Bangalore. “We aim to double our business in Bangalore by early 2018.” Singh added.
MobiKwik has over 55 million plus users on its platform and currently powers payments for IRCTC, NHAI, GSRTC, Meru Cabs, Big Bazaar, MakeMyTrip, OYO Rooms, Zomato, PVR, Archies, WHSmith India, BookMyShow, Grofers, Big Basket, Dominos, Burger King, Pizza Hut, eBay, ShopClues, Myntra, Jabong, Pepperfry, Barista, Food Panda, Nearbuy, Van Heusen, Allen Solly among others
The company has been constantly trying to add value to its users and become and indispensable part of their digital life. This latest development is in line with their goal of being a post-demonitization enabler of a digital and cash-free world. Apart from the business and branding activities, the company also has social good schemes like Internet Saathi and M-Gullak that help the unbanked and the non-banked population to also become a part of the digital economy by enabling offline touch points that aid them in getting banked and going digital. The company also aspires to continue to be a major wallet player using the early mover advantage.