MobiKwik today announced that its cash pick up service has completed 1 million transactions. MobiKwik has about 32 million users and a network of 100000 merchants. The cash pick up service was launched in September 2015 to cater to those users who don t have bank accounts or aren’t comfortable using net-banking, credit or debit cards. Also Read - Mobikwik data leak: Personal data of 3.5 million users up for sale on dark web; company denies claimsAlso Read - Top 5 UPI apps you can use to transfer money in India: GPay, Paytm, more
Speaking on the announcement, Bipin Preet Singh, Founder CEO, MobiKwik, said: “We launched cash loading in MobiKwik last year with cash deposit & cash pick up and have been receiving exceptional response from the users. Completing 1 million transactions for this service is a milestone for us that further demonstrates how innovations brought to business to solve users’ genuine concerns will always yield favourable results.”
By end of last year, India had 22.74 million credit cards users and 239 million smartphone users. This astonishing difference demonstrates why mobile wallet users are growing at a faster pace than traditional banking users. However, there is still a large mass of Indians who prefer cash as a medium to transact and to cater to those users, MobiKwik launched cash loading, which has been an incredible success.
“The real growth for mobile wallet industry is going to come from unbanked cash users who also want to buy things on their phone but do not have a way of doing so. For example, if a cash user wants to book train tickets on IRCTC, he needs a digital payment method. It is for such important need based services that users start adopting wallet after loading cash in it.” Bipin added.
ALSO READ: MobiKwik launches a new app for Android
This MobiKwik exclusive service allows users to add cash directly to their MobiKwik wallet, from the comfort of their home or office. Cash Pick Up by MobiKwik, literally brings the bank to the user’s doorstep, benefiting people who do not have access to bank accounts or credit and debit cards. The service allows anywhere from Rs 100 to Rs 10,000 to be added to the user’s MobiKwik wallet in real time. KYC users can add upto Rs. 100000. Users can then make hassle-free payments across diverse use cases such as recharge, bills, food, travel & cabs, shopping, entertainment, money transfer and more. MobiKwik’s cash pick up service is available in New Delhi, Mumbai, Bangalore, Jaipur and Surat.