Mobile wallet company Mobikwik is reportedly working on the launch of a lending product that will offer instant credit to customers directly from its app. According to a report on Business Line, Mobikwik's co-founder Upasana Taku says the product will launch later this month. The instant credit product will be the payments company's first lending product and according to the report it will target ‘new to credit’ customers — both individual and small businesses. A ‘new to credit’ customer is one who does not have any credit score and generally ignored by most banks for sanctioning credit. The company plan's give both small ticket and larger-sized loans straight from its mobile app. For credit assessment of the borrowers, MobiKwik says it has developed its own alternate lending model —Mobiscore — based on say 400 variables. It will be end-to-end delivered as a MobiKwik product including the entire communication, experience and money disbursal process. But since the company does not have a lending licence it is going to have to partner with a non-banking financial company (NBFC) to enable the loan disbursal process. The Business Line report suggests that there are 2-3 lending products planned and MobiKwik is in talks with 2-3 players, including partner Bajaj Finance. The report says that MobiKwik also plans to roll out investment products like mutual funds. Mobile wallets looking elsewhere The RBI’s new KYC norms have led to a dip in the usage of mobile wallets and have had an impact on the core product of most payment…
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