MobiKwik Systems Private Limited
Mobile phone based payment system and digital wallet
MobiKwik is an Indian technology company that provides a mobile phone based payment system and digital wallet for shopping, mobile recharge, DTH recharge, money transfers and bill payments. Customers add money to an online wallet that can be used for payments using directly the cellphone.
MobiKwik Systems Private Limited.
MobiKwik has no registration fees and is a free service with no extra charges for online recharges or bill payments.
Goal 9: Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation
Individuals excluded from banking services. People looking for alternatives to ordinary payment methods as bills or cards.
MobiKwik was seeded with $250,000 USD by the company’s founders, husband and wife team Bipin Preet Singh and Upasana Taku, to develop the website and payment options. The initial service was a website with a closed wallet facility, but the service has evolved to mobile apps.
This product is a private venture and the software is closed-source.
25 million users across India as of August 2017.
MobiKwik works as a payment system and digital wallet. Users add money to an online wallet that can be used for payments. The company also provides small loans to consumers as part of its service.
The product aims to work as an electronic wallet for secure online transaction. It holds user money that then can be used for recharges, bill payments and physical and online shopping.
Terminal such as a computer, laptop or phone with Internet connection required to access and use the service.
Connectivity requirement for the product/service to work (Mobile Internet, SMS, Voice, Other)
Device(s) type required for the product/service to work (Smartphone ,Feature phone, Computer, Tablet, Other [specify])
Other technology required for the service/product to work (Bluethooth, Wifi, camera, IVR, GPS, Accelerometers/Motion sensors, physiologic biosensors, biometric identifiers, SIM, Memory card (e.g microSD), other [specify])
Can the product/service work offline? If yes, specify
Is the product/service able to receive and send back information to the user?
Usage rate for the app/voice-SMS service vs number of downloads. How many people are actually using this product?
If yes, specify
Mobile data coverage required for the product/service to workDisplay order
Operating System required and Software version (Android, IOs, Windows, or other [specify])
Financial service offered with the app/ICT service
- Rathore, Hem Shweta (2016): Adoption of digital wallet by consumers. BVIMSR’s Journal of Management Research; Mumbai Vol. 8, Iss. 1, (Apr 2016): 69-75.
- Meera Mathur, Kuldeep Sharma: Demonetization and Internet Shopping Trends in India.
- P. Maindola, N. Singhal and A. D. Dubey, “Sentiment Analysis of Digital Wallets and UPI Systems in India Post Demonetization Using IBM Watson,” 2018 International Conference on Computer Communication and Informatics (ICCCI), Coimbatore, Tamilnadu, India, 2018, pp. 1-6.
- V.P. Singh, Afroz Jahan, Altaf Ahmad Mathu (2017): Mobile Wallets Talk of Every Town after Demonetization: Factors Effecting Mobile Wallet Users: An Empirical Study of Bhopal. International Conference on Advance Studies in Engineering and Sciences
Yes. All operations authorized by the Reserve Bank of India.
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