MobiKwik, currently the only Indian wallet having a distinction of providing unique cash loading services, claims to have been witnessing an exponential growth of the same. Since its launch last year, the service has been growing at a claimed rate of 75% month-on-month.
Cash Pick Up service allows users to load cash into their MobiKwik wallets from the comforts of their homes or offices.
Speaking about the exceptional growth, CEO Bipin Preet Singh said,
We take pride in being the first mobile payment company to launch cash loading and cash pick up service last year, to extend the benefits of MobiKwik to unbanked Indians and help them in making hassle-free, cashless transactions at more than 75000 offline merchants & online stores.
The service was initially launched in Delhi, Bangalore and Mumbai and keeping in mind the overwhelming response, the company is now launching it in Jaipur.
We launched in three cities to assess how the service is received by our consumers and are pleased with the growth we have achieved within 9 months, thus the service has now also been launched in Jaipur.
Cash Pick Up by MobiKwik, literally brings the bank to the user’s doorstep, benefiting people who do not have access to bank accounts or credit and debit cards.
The service allows anywhere from Rs 100 to Rs 10,000 to be added to the user’s MobiKwik wallet in real time. Users can then make hassle-free payments across diverse use cases such as recharge, bills, food, travel & cabs, shopping, entertainment, money transfer and more.
Cash Pick Up service works with the help of a MobiKwik representative who approach a user personally to help them load cash into their MobiKwik wallets.
He receives cash from the user and initiate the cash transaction. For security, user receives an OTP code on his/her mobile phone which he has to share with MobiKwik agent. Once the agent enters OTP, user gets a confirmation of updated wallet balance.
The user also gets to view on the app, the name and photograph of the agent responsible for the pickup. All MobiKwik cash pick up agents are dressed in uniform, which further helps in identification.
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.
Earlier this month, MobiKwik raised $50 million in Series C round from Japan’s GMO Payment Gateway and popular Taiwanese semiconductor company MediaTek. The mobile payments network of MobiKwik boasts of 30 million users and more than 75000 retailers which include both online and offline merchants.