MobiKwik

Product Description

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.

Target SDGs

SDG 9: Industry, Innovation and Infrastructure

SDG 2: Zero Hunger

Target Users (Target Impact Group)

Household

Distributors / Implementing Organizations

MobiKwik Systems Private Limited.

Competitive Landscape

Direct competitors include Milicom Tigo Money and Vodafone M-Pesa.

Manufacturing/Building Method

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.

Intellectural Property Type

Select Type

User Provision Model

Users can download app directly to their terminals. Available for Android, iOS and Windows.

Distributions to Date Status

25 million users across India as of August 2017.

Design Specifications

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.

Product Schematics

Technical Support

There is available a FAQ and a customer support section within MobiKwik web page.

Replacement Components

N/A

Lifecycle

N/A

Manufacturer Specified Performance Parameters

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.

Vetted Performance Status

None.

Safety

N/A

Complementary Technical Systems

Terminal such as a computer, laptop or phone with Internet connection required to access and use the service.

Academic Research and References

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.
doi: 10.1109/ICCCI.2018.8441441
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

Compliance with regulations

Yes. All operations authorized by the Reserve Bank of India.

Evaluation methods

Evaluation from users in different OS are: – Android: 4/5 based on 743.352 reviews as of August 2017. – iOS 4/5 based on 11.112 reviews as of August 2017.

Other Information

None.