Monday, 6 February 2017

E-wallet to financial services: How Mobikwik is changing tack

Ripples Advisory Private Limited, Indore @9303093093

Mobikwik is firming up plans to transform into a full-fledged financial services platform to offer users interest on money parked in its mobile wallet through tie-ups with instruments such as mutual funds. The mobile wallet operator also plans to offer loans to customers through banking collaborations and insurance services comparison. The move is aimed at acquiring new customers and retaining the existing ones while warding off the threat from newly-setup Airtel Payments Bank and India Post Payments Bank, and the upcoming Paytm Payments Bank. 

"Mobikwik wants to be a port of call for digital transactions in India. This includes lending and financial services, where your payment app will be the one-click interface for online transactions," Bipin Preet Singh, Co-founder and Chief Executive of Mobikwik.

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