wallets

Digital payments and remittances company Suvidhaa Infoserve has tied up with MobiKwik to let MobiKwik’s reported 30 million users recharge their mobile wallets with cash through Suvidha’s 90,000 outlets  (in 9,500 pin codes) across the country. Suvidha claims to have 35 million unique users, and states that even those without a bank account or with a bank account but not using credit/debit cards will be able to use this service.

Adding cash to their wallet will let mobiKwik’s users make online mobile recharges, utility bill payments, instant money transfers and buy movie tickets and gifts. MobiKwik claims to have 8,000 merchants across shopping and travel tickets, and its users can also pay at Big Bazaar, Dominos, BigBasket, Sagar Ratna, Archies and Jabong etc. using the wallet.

MobiKwik’s existing partnerships: Note that MobiKwik launched utility bill payments in 2012 and its mobile wallet in 2013. Interestingly, in 2012, the company introduced CashPay, a service that would allow users to pay for recharges in cash instead of paying via credit/debit cards or net banking. In 2015, it tied up with ICICI Bank to allow its wallet users to add cash at any ICICI Bank branch in Delhi NCR at the time. It also tied up with Cafe Coffee Day to allow customers to pay their CCD bill using the MobiKwik wallet.

Also read: Prepaid card transactions grew over 13.4%; mobile wallets up 9% in March 2016

Suvidhaa’s previous developments:
AasaanPay acquisition: In September last year, Suvidhaa acquired mobile point-of-sale (POS) startup AasaanPay for an undisclosed amount, to reach small merchants in rural and underbanked areas. Following the deal, Suvidhaa acquired  Aasaanpay’s technology platform and intellectual property and the core technology team led by Pruthvi Sabbu.

– In August last year, Suvidhaa surrendered its prepaid wallet license Beam Money. Anand Shrivastav, Chairman at Beam Money had told Medianama that one of the major drawback of the wallet was that it did not allow users to withdraw money from the wallet, which is important for a consumer company.

Funding and payment platform: In January 2014, the company launched an online payment platform for consumers called to pay DTH, mobile and utilities bills apart from making payments towards insurance. In November 2011, Suvidhaa had raised $12 million in its third funding round, from Japanese corporate conglomerate Mitsui & Company. It had raised a total of $25 million which includes seed funding by billionaire Shapoor Pallonji Mistry.

MobiKwik funding & developments: Earlier this month, MobiKwik raised $50 million in a series C round of funding led by Japan’s GMO Payment Gateway and Taiwan’s Mediatek along with existing investors. In March, MobiKwik launched an ‘Explore Nearby’ feature on its app, which let users discover neighbourhood stores, restaurants, cafes etc., that accept payments from the company.

Also read:
MobiKwik CEO Bipin Singh’s Reddit AMA: It’s hard for mobile banking to compete with wallets
ItzCash clocks in Rs 6,000 crore in utility bills transactions in 2015-16
India had 22.74M credit cards, 643.19M debit cards in December 2015

Our digital payments coverage.

Image Credit: Can Pac Swire under CC BY NC 2.0