Mobikwik adds on-demand cash reloads
Indian mobile wallet provider Mobikwik is launching a new service that will enable its 17 million users to load cash to the wallet through in-person agents. Available now in New Delhi and coming soon to all major cities in India, the “Cash Pickup” service is based on an Uber-like model.
After clicking on a special tab within the Mobikwik wallet app, a user’s location is identified and the nearest Mobikwik agent arrives within 30 minutes to process the request. Once the agent has arrived, users can load anywhere from INR 100 ($1.56) to INR 10,000 ($156) to the wallet by providing the agent with a one-time password generated by the app. Once the agent enters the password into his own app, the customer’s wallet is immediately reloaded. For security, users are given the name and a photo of the agent within the app, and all agents are dressed in uniform.
The service is part of Mobikwik’s goal of reaching India’s vast population of underbanked consumers, which account for 70% of the country’s 1.25 billion people, according to the company. “With cash pick-up 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,” said Bipin Preet Singh, founder and CEO, Mobikwik.
In April, Mobikwik landed a $25 million infusion of Series B investment funding – the company will use partially for brand-building and growing its network of mobile wallet users and merchants. Mobikwik’s goal is to expand its wallet user base to 100 million by the end of this year, while growing its merchant acceptance network from 50,000 to 100,000 locations.