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Mobikwik wallet users can now load cash at ICICI Bank branches

Mobikwik walletMobikwik

Mobile wallet and recharge platform Mobikwik has tied-up with ICICI Bank to allow its wallet users to add cash at any ICICI Bank branch. This service is currently live in Delhi-NCR and the company said it’ll be extended to other cities in India soon, though no specific date has been mentioned.

For this service Mobikwik had added a new feature to its app called CashPay. In order to load cash to the wallet, users need to select CashPay on the app and enter the amount and their name. An unique Order ID will be generated by the app, and it’ll also provide users with contact details of the nearest ICICI Bank branches. At the branch, users can use the regular cash deposit slip to add cash to their wallets.

This move is likely to help Mobikwik reach out to users who’re still wary of net banking and using their credit/debit cards online. On the other hand, if other mobile wallet service providers such as Paytm, Oxigen and Citrus also tie-up with banks for similar offline cash loading services, it’s likely to give the e-commerce segment in India a fillip. Paytm claims to have over 20 million wallet users and Oxigen claims to have over 3 million wallet users. It also needs to be mentioned that the number of credit card users in the country are quite low and the number of debit card users are increasing, but still on the lower end.

As of March 2015, there are 21.1 million credit cards and 553.5 million debit cards in the country. In the month of March, the 21.1 million credit cards had been used for 0.43 million ATM transactions and 56.9 million point-of-sale (POS) transactions. While the 553.5 million debit cards had been used for 624.2 million ATM transactions and 76.1 million POS transactions. For more check here.

Mobikwik currently claims to have 17 million wallet users, though it’s not clear how many of them are active users. Earlier this month, the company had told MediaNama that 90% of the transactions processed by Mobikwik were on the mobile and 10% on desktop. In December 2014, Mobikwik had 10 million wallet users, of which 7 million were on mobile. At the time, the company had claimed that 80% of the active users were on the mobile app and 20% active users were on desktop & SMS and that it processed 300,000 transactions every day. As of March this year, 50% of MobiKwik’s overall revenues come from mobile recharge, 22.5% from online shopping, 12.5% from ticket booking, 10% from DTH recharge and 10% from utility bill payments.

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Paytm offline branches: In March this year, Paytm had said that it will be opening around 50,000 offline retail outlets where users can load cash into their wallets and also has introduced IMPS (Immediate Payment Service) on its platform, through which users will be able to use their mobile wallets to transfer money into bank accounts. However, no specific launch date had been mentioned.

Mobikwik funding: Last month, Mobikwik raised $25 million from Tree Line Asia, with participation from existing investor Sequoia Capital and new investors Cisco Investments and American Express. The company had said that the funds will go towards investing in technology, data analytics, brand building and growing its user and merchant base. As part of the deal, Mobikwik also got access to Cisco’s networking technology as well as American Express’ payments processing expertise.

Mobikwik’s e-commerce push: Earlier this month, Mobikwik tied-up with some of the leading online travel agents like MakeMyTrip, Cleartrip, Yatra and Goibibo to allow users to make payments using the Mobikwik wallet. Users will be able pay for their flight, train and bus tickets, cab bookings and hotel rooms with money stored in their Mobikwik wallet. Given that online travel still dominates the e-commerce segment in India in terms of volume of transactions, this was a great move.

Also Read:

Mobikwik’s Mrinal Sinha on their Payments Bank application, strategy and financial inclusion

MobiKwik, CCD partner to enable cashless bill payment

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