Mobikwik enables customers to transfer cash offline & store in their mobile wallet

3 Mar, 2014

MobiKwikGurgaon-based One MobiKwik Systems Pvt Ltd that runs online recharge platform, has added a new feature to its mobile wallet app that enables its customers to transfer cash offline and deposit into their wallet, instead of transferring the amount online from their bank accounts.

How it works?

Once you download the mobile wallet app, you need to register with your name, phone number and other details, post which you can see multiple payment options such as credit card, debit card, net banking and cash pay. When you click on 'cash pay', you will be asked to confirm the contact details and enter the full address. Once it's done, Mobikwik will record the request and will make a verification call. Within the next 24 hours, a company executive will come to collect the cash from the location of your choice, and the amount will be updated in your account shortly.

As of now, users can deposit up to Rs 10,000, and use the service for mobile recharges as well as big-ticket items such as paying insurance premiums, etc.

"Many people in India are still not familiar with making payments online or via a debit card, and this feature is specifically targeted at them. They can use this service for recharging mobile phones, paying utility bills, booking bus and movie tickets, etc.," said Bipin Preet Singh, founder and CEO, MobiKwik.


What's next?

Headquartered in Gurgaon, the company is planning to expand operations to multiple cities in the country. "We will open sales and marketing offices in major cities, mainly to acquire new customers. Bangalore is our immediate target," said Singh. He also claimed that Mobikwik, which is self-funded as of now, is getting investors' interest and it is evaluating its options at the moment.

Started in 2009, MobiKwik enables prepaid mobile, DTH and data card recharges, post-paid mobile bills payment and utility bill payment for electricity, gas, and landline telephone. It also offers these services via SMS, phone and apps that are available for Android, iOS and Java platforms. Other mobile wallet companies in India include Paytm (One97 Communications), Beam Money, and QuikWallet.

(Edited by Joby Puthuparampil Johnson)