Digital payments company, MobiKwik has launched a new product for users who frequently travel by bus called TravelPass which will allow users to avail a 5% discount on the base price of every bus ticket booked via MobiKwik for a period of one year. Note that Rs 50 is the introductory price for the first 10,000 users who buy it, following which TravelPass will cost Rs 250. Users will also get free travel insurance cover of up to Rs 3 lakh on every journey. The company claims that it will be adding more features to TravelPass, including hotels bookings. As of March 2017 (data from MediaNama’s Digital Payments in India report), Mobikwik had 55 million wallet users and was processing around 3 million daily transactions. The average ticket size of transactions was Rs 500, and a MobiKwik user transacted via the wallet 7-10 times every month. A product like TravelPass will help MobiKwik increase repeat usage of its wallet. Earlier this year, in February, the company had said that it will invest Rs 300 crore for expansion this year, including to acquire over 100 million users. It added that the money will be used to set up offices in 13 different cities by the end of Q1 2017, and grow its merchant base from 1.4 million to 5 million by the end of the year. MobiKwik also introduced SUPERCASH, a loyalty initiative for users which will also provide reward points for purchases made at mom and pop shops. Passes are a win-win for users & companies…
