MobiKwik launches open wallet for consumers

Gurgaon-based One MobiKwik Systems Pvt Ltd that runs online recharge platform Mobikwik.com has launched its open wallet for consumers. Customers can store up to Rs 50,000 on the wallet and use it for payment on various partner merchant sites.

As of now, there are around 150 merchants on board that include those like e-commerce player Yepme.com, online ticketing platform Ticketgoose.com and Quackquack.in. Prior to this, the recharge portal had a closed wallet where users could park money and use on the MobiKwik portal only. "The open wallet, which has got approval from the Reserve Bank of India (RBI), will allow consumers to have single-click checkout on the partner merchants' websites," said Bipin Preet Singh, CEO and founder, MobiKwik.

How will it work?

The recharge platform will function like a payment option on the merchant sites. "Whenever a user will go on a merchant site, he/she will see MobiKwik as a payment option like all other options which are there," he said. Whenever a user will opt for MobiKwik wallet for a purchase, he/she will earn a percentage of that transaction as their commission.

Singh said they would target to bring on board 1,000 merchants in 12 months. "But our end goal is not to bring as many merchants as we can; we just want to be present where our consumers are transacting more often," he said. He said amongst the merchants it would prioritise to bring on board would be BookMyShow since that is the most common destination for the consumers for various services.

Talking to Techcircle.in, Singh had earlier stated that the recharge platform is clocking 40,000-45,000 transactions daily across categories and channels.

Started in 2009, MobiKwik enables prepaid mobile, DTH and data card recharges, postpaid mobile bills payment and utility bill payment for electricity, gas, landline telephone. It also allows these services via SMS, phone and apps which are available for Android, iPhone and Java.

(Edited by Joby Puthuparampil Johnson)