Be it the current e-commerce shabng or the impressive internet users growth figures, nothing has been able to remove that skepticism which majority Indians have, while using net backing and doing online transactions. Mobikwik, with its new ‘Cash Pickup’ service, is now aiming to introduce that section of Indian internet and non-internet users, to digital payments.
Announced today, Mobikwik’s latest service does exactly what it says. Once you select that service via Mobikwik’s mobile wallet app, all you need to do is enter an amount which you wish to deposit into your e-wallet.
While that amount appears in your wallet in real-time, a Mobikwik agent would come to your doorstep, pick up the said amount and you’re done. That’s how easy it is.
The service, which literally brings the bank to a user’s doorstep, will also bring tremendous benefits to people who do not have access to bank accounts or credit and debit cards. Cash pickup allows anywhere from Rs 100 to Rs 10,000 to be added to user’s MobiKwik wallet in real time.
The users can then obviously use their e-wallet to make payments across diverse use cases such as recharge, bills, food, travel & cabs, shopping, entertainment, money transfer, etc.
Commenting on the launch, Bipin Preet Singh, Founder CEO, MobiKwik, said in a prepared statement,
With this we are literally taking the bank to the user’s doorstep and making it possible for millions of new users to start making digital transactions. MobiKwik’s ‘Cash Pickup’ feature is completely aligned with our goal of creating 150 million digitally paying users.
The feature, which could be a massive success in India, is aimed at that skeptic Indian, which still doesn’t go for net-banking or online payment, largely due to that first-time use fear. However, with Mobikwik’s cash pickup, the user is not required to go for any digital transactions to deposit money in their mobikwik wallets.
Here’s how the entire cash pick up process flows :
- MobiKwik agent arrives
- User hands over cash to the MobiKwik agent
- Agent initiates the cash transaction ->
- User receives OTP on his mobile phone
- Shares OTP with the MobiKwik agent
- Agent keys in the OTP on his app
- User gets confirmation of updated wallet balance.
The potential for mobile-based banking services in the country is huge, with number of users who currently do not have a bank account running into more than 70%. Also, of those who do have bank accounts, a majority of them, as I’ve mentioned before, do not use their credit or debit card online or do have not access to internet banking.
In a related development, the company, which recently raised a $25 Million Series B round from a group of investors, led by Tree Line Asia, is now looking to raise a fresh $80-$100 Million round by the end of this year itself.