MobiKwik Expands Mobile wallets Platform; Hopes To Offer One-Window Solution To Mobile Wallets

Indian e-wallet company MobiKwik has released a mobile-optimized version of its online recharge & bill-payment service. Extending its services to cover any transaction that requires payment via the virtual channel, MobiKwik’s website will turn into a payment portal whenever needed.

There are already multiple similar solutions currently available in the market. Then what does MobiKwik have that is unique?

Any e-wallet service requires a strong customer base to even stay alive. Similarly it must have support & tie-up with multiple service providers who accept payment through e-wallets. The service was launched initially to allow customers to recharge their mobile & DTH services. The company seems to be on the right track as it boasts of a customer base of 1.2 Million. Additionally, these customers are only for the aforementioned services. Though its users can execute some nifty tricks like schedule a recharge or SMS based recharging, there is a lot potential for such a service.

Mobile wallets do offer a convenient way to pay your bills & recharge your various utilities. However, the major hurdle is the lack off adoption of similar virtual banking practices. Quite recently, RBI had setup a Mobile-payment R&D lab to explore methods that could offer a very simple & easy to use solution. These methods are supposed to encourage grass-root level users, i.e. Tier III & IV towns & villages. These places have witnessed exponential growth in terms of mobile usage, but still rely on physical cash to conduct transactions. This population holds the key to the next phase of mobile evolution since cities are reeling under heavy competition & over-saturation by mobile service providers.

Can MobiKwik’s solution work?

Realizing the above hurdles & opportunities, MobiKwik allows users to conduct the transactions & then sends its representative to collect cash from the user. Though this eliminates the need to rely on Credit Cards or Net banking, we think it is quite a cumbersome process to employ & manage a extensive network of service representatives whose job is to merely collect payment. Besides, it mandates hiring a representative in every district if the company plans to expand nationally. But, if MobiKwik can truly focus its efforts with e-wallet for rural banking, it could have a vast playing field. Currently there are only a few organizations like State Bank which have taken initiative. Meanwhile Aadhar cards are anyways jacking-up bank accounts.

Where do you think e-wallets can work wonders in the economy?

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