Why is MobiKwik a critical player in the Indian fintech space?

In May 2020, when the Prime Minister of India raised the Atma Nirbhar Bharat slogan and called upon the business community and entrepreneurs to go self-reliant, it was time for a few indigenous brands like MobiKwik to pat their back. The fintech player started in 2009 by two enterprising individuals is today India's premier fintech company. Starting early, MobiKwik has led the way in revolutionizing conventional banking and financial systems in the domestic sector.

Over the years, the brand has taken multiple steps and momentous decisions to grow and develop into one of the critical players in the Indian Fintech sector. Its fast growth and acceptance by Indian consumers coupled with the owners' spiraling mindset attracted massive investments. The company received marquee investments to the tune of $110 million+.

Here is a glimpse of the brand's journey that has pushed it to the top of the fintech sector in India.

One of the first platforms to enable seamless online payments and transactions

The core service offered by the digital platform to its 120 Million+ users is the facility to make digital payments instantly. With a range of online bill payment and recharge options, the brand was one of the foremost fintech companies that helped realize the dream of secured and seamless payments online for users. As Indian consumers opened up and embraced digitization in all gamuts of life, be it shopping online or paying bills, MobiKwik was one of the few trustworthy apps that offered world-class standards and streamlined services.

All that was required of the users to avail of the services was to register with the platform and use the MobiKwik wallet to get their mobiles or DTH recharged. Working in collaboration with multiple cellular operators in India, the app facilitated easy bill payments, including utility bills, insurance premiums, and more. Apps like MobiKwik played a major role in popularizing the concept of making payments on the go, anytime and from anywhere, 24 hours a day, 7 days a week, and 365 days a year.

Digital lending

Not satisfied with being just a payment provider in the online medium and understanding the pulse of the rapidly changing market needs, MobiKwik was quick to start working on its digital lending services. While some of its arch competitors also started with this service, MobiKwik gained considerably because it offered cheaper money transfer rates via credit cards.

In what can be rightly termed as novel and ground-breaking was MobiKwik's instant loan product. The brand tied up with Bajaj Finserv to offer instant loans to MobiKwik users. The user's initial loan amount was ₹5,000 as an instant loan repayable in three months. Later, it announced the Boost product created to approve, process, and disburse instant loans to users to the tune of about ₹60,000 within a record speed of 90 seconds. What makes MobiKwik loan one of the most attractive features of MobiKwik is its turnaround time (TAT). It is another feather in the cap for the brand as it created ripples in the fintech industry that conventionally took days and weeks to approve loans for users. No collaterals, no extensive paperwork required – adding to the surprise package compared to the tedious traditional loan processing system.

MobiKwik has tied with several Non-Banking Financial Institutions to offer services. Users can now get an instant credit of ₹5,00,000 in their wallet within five minutes.

Wealth management

In its endeavour to become a top player in this sub-sector, MobiKwik has registered with SEBI as a registered investment advisor. It marked the entry of MobiKwik in the mutual fund industry under the direct mutual fund schemes. Users can also use the Mobikwik app to buy and sell gold real time, invest in recommended mutual fund schemes, start an SIP, and build wealth over a long term.

Summarizing

With 120 million+ users and about 3 million+ merchants, MobiKwik has impacted the financial gamut of its users. With the newly launched MobiKwik ZIP, a small credit facility, it is clear that the brand is keen to penetrate all aspects of the Indian Fintech sector. Some of its services have been hailed for their innovative edge that has helped redefine the country's conventional banking and financial processes. With progressive-minded management at the helm, it is reasonable to expect that MobiKwik will continue to lead from the front in the Indian fintech space.

It’s time for you to download the MobiKwik app and experience innovation with just a click!