Mobile payments network MobiKwik is making rapid progress in its segment. Just weeks after announcing its patent-pending Power Wallet interface that offers near-100% success rate in processing mobile wallet payments, the company is today announcing open-sourcing of the same.
Power Wallet in itself is remarkable in a scenario in which the industry average for successful payments is around 60%.
Power Wallet features a one-time user authentication process that makes it easier to transact as users need not enter their credentials repeatedly for subsequent payments. When retailers integrate MobiKwik’s Power Wallet interface, users get to make the payment from within the retailer’s platform and no re-direction to MobiKwik is required, making the payment process completely seamless.
With one-time integration, the Power Wallet is activated across the retailer’s website, mobile website, apps, and offline point-of-sale terminal. It is highly customizable and easily adapts with the retailer’s existing infrastructure. The interface being highly scalable offers superlative transaction experience even during high load and sudden surge in traffic on the retailer’s platform.
Commenting on the innovative payments interface, Bipin Preet Singh, Founder & CEO, MobiKwik said,
Our latest innovation, Power Wallet, gives retailers a platform that delivers near-100 percent success rate in processing payments. The scalable interface is easy to integrate across multiple retailer platforms and is an ideal solution for merchants looking for a quick-to-deploy, omni-channel digital payment mechanism.
Power Wallet API has been already been deployed by MobiKwik retail partners such as OYO Rooms, PVR Cinemas, Zomato, Meru Cabs, Big Bazaar, WHSmith India, and Archies. It is also deployed on IRCTC’s mobile app, where MobiKwik is the first payment option. The company is now in talks with other retailers to integrate the new payment technology on their platforms.
Anurag Gaggar, VP –Product Management, OYO Rooms also commented on the working of Power Wallet and said,
OYO App users can attach their MobiKwik wallet to their account and seamlessly pay for their bookings at any point in time before check-out using just a single tap and not having to enter any user id, passwords. The payment success rates are close to 100%, if there is sufficient money in the wallet and it saves time too.
MobiKwik is also creating an offline retail network of more than 200,000 merchants across India that will serve both, as points for cash loading into the wallet and for wallet payments acceptance.
The company already boasts of a mobile payments network which connects 25 million users with 50,000 retailers. It enables users to discover retailers (brick-and-mortar stores, e-com websites, m-com apps, billers, telcos) and then start paying them with 1-tap.
MobiKwik is powering payments for IRCTC, Uber, Meru Cabs, Big Bazaar, OYO Rooms, Zomato, Café Coffee Day, PVR, Archies, WHSmith India, BookMyShow, Grofers, Big Basket, Domino’s, Pizza Hut, eBay, ShopClues, Myntra, Jabong, Pepperfry, Star Sports, GoDaddy, MakeMyTrip, Cleartrip, and Yatra.
The company has raised close to $30 million in funding till now from Sequoia Capital, American Express, Tree Line Asia, and Cisco Investments.