Tag: Mobikwik mobile wallet

As the Modi government forces a more cashless society, consumers have skipped plastic in favor of apps.

In India, Prime Minister Modi’s government suddenly eliminated two of the most commonly used monetary notes, providing a huge opportunity for the MobiKwik mobile wallet. As the country scrambles to ensure they have enough cash in their hands, mobile payments have become a fast alternative.

As a result, MobileKwik saw a sudden rush of new users, totaling 2 million in under 2 days.

The MobiKwik mobile wallet was already the largest in India. It saw the opportunity and rapidly launched a lighter version of its app, called the MobiKwik Lite. When it launched, it experienced more than 2 million downloads in less than the first two days. This trend is only expected to continue – though perhaps not as dramatically – as the nation continues its direction toward being cashless.

Without the old Rs 500 and Rs 1000 notes, people rapidly looked to their smartphones to make sure they would have enough money to be able to make payments. The new MobiKwik Lite mobile app was designed to ensure that even the most basic smartphones and limited data connections would support it.

MobiKwik mobile wallet is determined to keep up with demand as more consumers download and sign on.

“We are committed to support the Government of India`s mission of a clean, cashless economy and launched MobiKwik Lite with an objective to help masses across the country go cashless,” said Upasana Taku, one of MobiKwik’s co-founders. Taku went on to say that “So far, we have registered over 20 lakh users and the number is growing significantly by the hour.” Taku pointed out that this high rate of new user sign-ups is a direct illustration that a product that is well timed and designed “resolves a real issue,” and will become a mainstream hit.

This mobile app, which is available in Hindi and English, also makes it possible for users to receive payment requests and send funds by way of SMS. This new lighter version of the MobiKwik mobile wallet is offering all users free bank transfers until March 31, 2017.

The tech company from China is seeking new investments and partnerships within India’s market.

The Xiaomi mobile tech company recently entered a partnership with the Mobikwik mobile wallet. It gave them access to 1 million device users in India who were using the free SMS-based mobile payment service. It is now becoming clear that this is only one of the first steps Xiaomi is taking into the Indian marketplace.

The technology company is now looking to invest in startups while also forming local partnerships.

The goal is to build a strong ecosystem surrounding Xiaomi mobile products in India. The Chinese tech company currently sells a range of different products in India, including smartphones, tablets, Bluetooth accessories, fitness bands and power banks. That said, the television launch may require additional time. The reason, says the company’s head in India, Manu Jain, is that Xiaomi has not yet completed its content strategy.

Still, the Xiaomi mobile investments in India have been growing rapidly, particularly among startups.

Back in April, the firm invested in Hungama Digital Media Entertainment. That was an important move toward establishing an Indian foundation, said Jain. Xiaomi was a leader in the $25 million round of investments into that business. It represented the first time Xiaomi invested in any startups within the Indian market.

As a result of this investment, Xiaomi device users will have free access to 2 Hungama premium apps for three months and for one year. Those apps are Hungama Play and Hungama Music, respectively.

More recently the company linked up with One Mobikwik Systems Pvt. Ltd., a mobile wallet business. Through that partnership, one million of the company’s device users will have access to that mobile payments system for free.

If the situation in the company’s home country is any indication, there could be a great deal more to come. In China, it has already incubated or invested in 55 content and hardware startup businesses. Among them have been those that have developed a broad range of offerings. These include everything from air and water purifiers to drones. They also include complementary software and content development.

Of the 55 companies, 20 have already launched a product. Four have managed to achieve a valuation of $1 billion – also known as unicorn status – following the Xiaomi mobile investment.