Starts cashback-cum-loyalty programme at a time when simpler Aadhaar-based payment systems are being launched
MobiKwik is in the process of reworking its business model as the future of mobile wallets is being increasingly questioned with the emergence of simple Aadhaar-based simple payment systems.
From providing cashback for each transaction to working on a comprehensive plan to emerge as a financial supermarket offering all kinds of financial products, this eight-year-old outfit that started off by offering just mobile recharges is reinventing itself yet again.
A week ago, MobiKwik came up with Supercash, the first-ever cashback-cum-loyalty programme launched by a mobile wallet in India where users get benefits on every transaction, earning reward points from all MobiKwik merchants.
"We have tied up with organised retail across the board with an average transaction size of few thousand rupees. The cashback is funded by us and also by our merchants," said Vineet K Singh, chief business officer, MobiKwik.
Singh replied in the affirmative when asked if Supercash would help Mobikwik offer returns to customers to whom it earlier tried to pay interests on the balance in their mobile wallets but couldn't follow through due to objections by the Reserve Bank of India.
Last June, MobiKwik was forced to discontinue a scheme promising 6% annual profit share to its users after RBI perceived it as offering interest on wallet balances.
But now, the lure of cashback would entice consumers to maintain healthy wallet balances.
To prevent users from moving out of the MobiKwik ecosystem, the Gurugram-based pure-play digital wallet is also planning to offer the whole suite of financial services.
"The financial services are due to get launched next quarter. We are talking to most of the people in banking, insurance and mutual fund space and trying to tie up with them. It is too early to comment on what would be the products, but on the consumer side, we would be offering the entire suite of financial services. The products could be co-branded or could be own-branded. We would come out with what makes sense for our customers," Singh, who was in the city to push MobiKwik's merchant acquisition and development of an ecosystem in the east, said.
At a time when Aadhaar-based biometric payment systems are being actively promoted by the government that make digital transactions much easier, digital wallets need to rediscover themselves.
"We launched ourselves as a digital wallet player in 2009 while the push by the government is only coming now in 2016. As a start-up, innovation is what we do and we will stay relevant and credible whatever it takes," Singh said.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Mobile wallets")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}