India: Mokwik launches mobile wallet

Friday 27 September 2013 00:08 CET | News

Mobikwik, an India-based start-up mobile services provider, has launched a mobile wallet for the country’s smartphone-class to digitally buy goods directly from merchants, online media outlet TechCrunch reveals.

According to the source, Mobikwik is set to offer a range of products or services such as mobile minutes, pay utility bills or movie tickets, from about 500 merchants. Also, the mobile wallet is set to enable customers to load up the wallet from their bank account or a credit card and start buying, with the funds being transferred to the merchant as soon as the transaction is completed.

Mobikwik is authorised by the Reserve Bank of India (RBI) to deliver pre-paid payment instruments and to allow customers to withdraw money from their account. The RBI has empowered payment companies to enable more digital transactions.

Mobikwik has about 1.5 million active users for its existing online and closed wallet and it processes 75,000 transactions each day with an average customer transaction around USD 2.

In recent news, MobiKwik has launched a bill payment and mobile recharge application, which is set to enable BlackBerry smartphones users to pay telecom, data card, television and utility bills via their phone.

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Keywords: India, Mokwik, mobile wallet, mobile payment
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce