MobiKwik is a mobile app that allows you to carry out electronic transactions right from your mobile phone from wherever you are and is therefore gaining popularity due to the sheer convenience it offers. I had a chance to converse with Bipin Preet Singh, CEO & Founder of MobiKwik to find out more about the success of this app. Read on.
Q. Why should users use the MobiKwik app?
The convenience, ease and security offered by the MobiKwik wallet has been key to its acceptance among the users.
MobiKwik is India's fastest and lightest app for mobile recharge, DTH recharge, bill payments, shopping and now also provides exciting wallet offers on third party online merchants. It is the highest rated online recharge app in India and supports all credit cards, debit cards and net banking.
MobiKwik is India's first mobile consumer Wallet to have added online and mobile shopping to its existing portfolio of services. Customers can store up to Rs. 50,000 in their MobiKwik Wallet and use their Wallet to purchase goods and services on third party merchant websites and mobile applications.
Q. Is India ready for an application such as MobiKwik, considering the general suspicion about using 3rd party apps or websites for transactions?
Security is a key barrier to widespread adoption of mobile commerce. Users are concerned over the security of personal information, bank information and financial loss. Once they gain confidence in mobile security, they will increase their mobile payment activity. The need for creating trust in the consumer's mind is extremely important.
Our story is an excellent example of winning consumer trust through amazing product experience. We have focused on the Wallet as a product, since our inception in 2009. We have acquired consumer trust in a big way in 2012 and 2013 and today we have the largest number of active digital wallet users in India. Getting people to park money in the wallets is not something most wallet companies have been able to achieve.
Q. Whom do you consider your competitors and what do you plan to stay a step ahead?
If you look just at the recharge vertical MobiKwik has quite a few competitors – rechargeitnow, paytm, and freecharge being the major ones. However, MobiKwik is not just a recharge company. The company is a consumer wallet company.
For MobiKwik app, a major differentiator is the speed of recharge due to low size of the app and the Wallet feature which makes payments very fast. No other app in this category can get you a recharge under 5 seconds!
Another reason to use MobiKwik is that now the money stored in the MobiKwik wallet can be used to pay on our partner merchants like Redbus ( for buying bus tickets), Yepme ( for buying fashion clothes) and DailyObjects ( for buying electronics accessories) and 500 other merchants such as fashionandyou.com, eBay.in, lenskart.com, nkyaa.com, bookadda.com, etc…
Q. Why are users required to first put money into MobiKwik and then pay, rather than directly pay using cards or netbanking?
E-Commerce merchants in India offer several different payment options, which makes it confusing for the user and the experience inconsistent. Users are required to make multiple steps to realize an online payment, which results in low-payment success rate and consumer apathy, especially on the mobile.
The MobiKwik Wallet enhances the online/mobile payment experience by allowing users to add money (up to Rs. 50,000) to a prepaid Wallet through net banking, credit card, debit card & Cash Pay (a service to pick up cash from user) once and then use the Wallet for multiple transactions such as recharge, bill payments and now even shopping on third party merchants, in only one click. By reducing the number of steps to realize a payment, the success rate of an online transaction increases significantly. This is possible because it does not involve any bank account or cards.
The MobiKwik wallet is beneficial on many accounts. It’s fast, convenient, secure and most importantly it guarantees nearly 100% transaction success rate especially on the mobile.
Q. What is the revenue model of MobiKwik?
The MobiKwik app is available free for downloading. The revenue model is very simple. We make money every time a customer buys a product/service using MobiKwik Wallet on MobiKwik and on merchant locations.
Q. There are internet-based services such as Freecharge, which offer freebies in the form of coupon codes of the same price as the amount paid through them. Will MobiKwik also do something along similar lines to entice users to use the app?
Currently more than 500 merchants accept MobiKwik payments – we focus on categories like E-Commerce, travel, ticketing and any form of recurring payments. Using MobiKwik app on mobile phones, users can now purchase offers and products in various categories.
When using the MobiKwik Wallet with each payment transaction on partner merchant you can get exciting cashback into MobiKwik Wallet. Details of all such offers are at www.mobikwik.com/offers
Q. What is the next step for MobiKwik?
MobiKwik aims to fulfill its aspirations of providing an easy and convenient way to pay using a mobile phone. The company has pioneered the concept of a digital wallet in 2009, way before any other E-Commerce company thought about it. Now, we plan to extend the scale of MobiKwik Wallet across mobile apps and web. We also plan to launch services such as a bill payment or a movie booking on the mobile or ordering a pizza when you don't have cash, Mobikwik Wallet will help you pay anyone, anywhere, anytime.
Q. Why should users use the MobiKwik app?
The convenience, ease and security offered by the MobiKwik wallet has been key to its acceptance among the users.
MobiKwik is India's fastest and lightest app for mobile recharge, DTH recharge, bill payments, shopping and now also provides exciting wallet offers on third party online merchants. It is the highest rated online recharge app in India and supports all credit cards, debit cards and net banking.
MobiKwik is India's first mobile consumer Wallet to have added online and mobile shopping to its existing portfolio of services. Customers can store up to Rs. 50,000 in their MobiKwik Wallet and use their Wallet to purchase goods and services on third party merchant websites and mobile applications.
Q. Is India ready for an application such as MobiKwik, considering the general suspicion about using 3rd party apps or websites for transactions?
Security is a key barrier to widespread adoption of mobile commerce. Users are concerned over the security of personal information, bank information and financial loss. Once they gain confidence in mobile security, they will increase their mobile payment activity. The need for creating trust in the consumer's mind is extremely important.
Our story is an excellent example of winning consumer trust through amazing product experience. We have focused on the Wallet as a product, since our inception in 2009. We have acquired consumer trust in a big way in 2012 and 2013 and today we have the largest number of active digital wallet users in India. Getting people to park money in the wallets is not something most wallet companies have been able to achieve.
Q. Whom do you consider your competitors and what do you plan to stay a step ahead?
If you look just at the recharge vertical MobiKwik has quite a few competitors – rechargeitnow, paytm, and freecharge being the major ones. However, MobiKwik is not just a recharge company. The company is a consumer wallet company.
For MobiKwik app, a major differentiator is the speed of recharge due to low size of the app and the Wallet feature which makes payments very fast. No other app in this category can get you a recharge under 5 seconds!
Another reason to use MobiKwik is that now the money stored in the MobiKwik wallet can be used to pay on our partner merchants like Redbus ( for buying bus tickets), Yepme ( for buying fashion clothes) and DailyObjects ( for buying electronics accessories) and 500 other merchants such as fashionandyou.com, eBay.in, lenskart.com, nkyaa.com, bookadda.com, etc…
Q. Why are users required to first put money into MobiKwik and then pay, rather than directly pay using cards or netbanking?
E-Commerce merchants in India offer several different payment options, which makes it confusing for the user and the experience inconsistent. Users are required to make multiple steps to realize an online payment, which results in low-payment success rate and consumer apathy, especially on the mobile.
The MobiKwik Wallet enhances the online/mobile payment experience by allowing users to add money (up to Rs. 50,000) to a prepaid Wallet through net banking, credit card, debit card & Cash Pay (a service to pick up cash from user) once and then use the Wallet for multiple transactions such as recharge, bill payments and now even shopping on third party merchants, in only one click. By reducing the number of steps to realize a payment, the success rate of an online transaction increases significantly. This is possible because it does not involve any bank account or cards.
The MobiKwik wallet is beneficial on many accounts. It’s fast, convenient, secure and most importantly it guarantees nearly 100% transaction success rate especially on the mobile.
Q. What is the revenue model of MobiKwik?
The MobiKwik app is available free for downloading. The revenue model is very simple. We make money every time a customer buys a product/service using MobiKwik Wallet on MobiKwik and on merchant locations.
Q. There are internet-based services such as Freecharge, which offer freebies in the form of coupon codes of the same price as the amount paid through them. Will MobiKwik also do something along similar lines to entice users to use the app?
Currently more than 500 merchants accept MobiKwik payments – we focus on categories like E-Commerce, travel, ticketing and any form of recurring payments. Using MobiKwik app on mobile phones, users can now purchase offers and products in various categories.
When using the MobiKwik Wallet with each payment transaction on partner merchant you can get exciting cashback into MobiKwik Wallet. Details of all such offers are at www.mobikwik.com/offers
Q. What is the next step for MobiKwik?
MobiKwik aims to fulfill its aspirations of providing an easy and convenient way to pay using a mobile phone. The company has pioneered the concept of a digital wallet in 2009, way before any other E-Commerce company thought about it. Now, we plan to extend the scale of MobiKwik Wallet across mobile apps and web. We also plan to launch services such as a bill payment or a movie booking on the mobile or ordering a pizza when you don't have cash, Mobikwik Wallet will help you pay anyone, anywhere, anytime.
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