Mobikwik is an Indian digital wallet company founded in 2009. Mobikwik provides a mobile based payment system and digital wallet. You can transfer money from your bank account to Mobikwik digital wallet and use that money for bill payments, mobile recharge, and online shopping. In 2012 RBI authorized the use of digital wallets for payments. Mobikwik was founded by Bipin Preet Singh with his wife Upasana Taku.
Founder:
Bipin Preet Singh: Bipin Preet Singh founder and CEO of Mobikwik is graduated from IIT Delhi in Chemical Engineering. Bipin started Mobikwik with a vision of making mobile payment easy for the average mobile user in India. He handles technical department, customer support, and marketing department in the company. Before starting Mobikwik Bipin worked at Intel, Nvidia, and Freescale Semiconductors.
Upasana Taku: Upasana Taku completed the graduation from NIT Jalandhar and went to Stanford University for Masters in Management Science. Upasana is working as Director of the company and also the Co-founder of the company. Prior to that Upasana has worked for Paypal is silicon valley and HSBC bank in San Diego.
Why Use Mobikwik:
- Mobikwik provides you safe and secure payment option and you don’t need to enter your bank details at every website you shop instead you can use the Mobikwik wallet for fast and easy payment.
- You can make payment quickly in just one click with the Mobikwik wallet.
- Mobikwik joined hand with many retailers and E-commerce websites like BookMyShow, Cafe Coffee Day, Dominoz etc. to accept payment through Mobikwik so you can transfer money to Mobikwik wallet once and use it in multiple stores.
- You can get extra discounts and cashback on Mobikwik.
BSNL an Indian government communication company recently launched a BSNL wallet which is powered by Mobikwik. It will help BSNL’s 100 million customers to make bill payments easily.
Other than a digital wallet and hassle free mobile recharges and bill payments Mobikwik also allows hotel reservations and bus ticket bookings through its mobile application and website.
Effect of Demonetization:
In November 2016 when the government announced demonetization of 500 and 1000rs notes overnight there was a cash crunch is the country and government urged people to avail cashless payment options. This has become the turning point for the e wallet services like Mobikwik. Mobikwik realized an increase of 400% in transactions through Mobikwik e wallet. The user base has also increased from 25 million to 55 million after demonetization.
Competition:
There are e wallet companies right now in India but Mobikwik’s two biggest competitors are Paytm and Free Recharge. Paytm is the biggest player in the market right now. Paytm has more than 150 million existing users. Paytm registers over 7 million transaction worth Rupees 120 crores every day. In comparison, Mobikwik is lagging behind in the race but in Feb this year, the company has invested approximately 45 Million dollars to increase the user base from 55 million to 150 million.
Awards and Recognitions:
Mobikwik won the mBillionth Award in the mobile business category for socially valuable contributions to South Asia’s digital infrastructure.
