MobiKwik partners with WHSmith India to make mobile payments possible in physical stores
MobiKwik, a mobile payment firm, has partnered with WHSmith India in order to facilitate mobile transactions at physical stores. Mobile commerce has taken off in India, where many consumers are showing favor for shopping for and purchasing products with their smartphones and tablets. The majority of this shopping is happening online, but demand for in-store support of mobile payments has been on the rise in recent years. As such, mobile wallets are becoming more popular and retailers are feeling the pressure to accommodate consumer interests.
Firm envisions a future where all retailers embrace mobile commerce
MobiKwik is one of the more prominent mobile payments firms in India. The company has enabled some 17 million users to make mobile transactions with more than 50,000 retailers in India. MobiKwik is currently working to expand its offline presence, supporting retailers in embracing mobile consumers in their physical stores. Part of doing this involves enabling retailers to accept payments being made by a mobile device.
WHSmith India stores will function as MobiKwik Nodes
Through its partnership with MobiKwik, WHSmith will become a “MobiKwik Node.” This means that the retailer’s physical stores will accept mobile payments and they will also serve as a place where consumers can add funds to their mobile wallets. According to MobiKwik, approximately only 0.7% of the 40 million small-to-medium enterprises in India currently accept electronic payments. The firm hopes to change this in the future by enabling these organizations to engage mobile consumers more effectively.
Mobile commerce likely to accelerate in India as more consumers make use of services that facilitate payments
Mobile payments are expected to become increasingly common in India in the coming years. The country already represents one of the fastest growing mobile markets in the world and is home to a thriving mobile population. Firms like MobiKwik have promising opportunities ahead of them, especially as smartphone penetration continues to accelerate and more consumers become comfortable with the concept of mobile commerce and the convenience that it represents.
