Business Wire India
MobiKwik, India’s largest digital financial services platform, has announced the roll out of a first-of-its-kind offer to encourage its millions of users to complete the e-KYC (Know Your Customer) verification on the MobiKwik app in 60 seconds. As a part of this campaign, MobiKwik will offer a SUPERCASH of Rs. 300 to customers for Aadhar based e-KYC. The customers can avail this offer by using the code- KYC300.

MobiKwik wallet users need to follow 3 simple steps to complete the e-KYC. The user needs to log on to the app and enter his Aadhar number to begin the e-KYC process. Once the Aadhar details have been registered, the customer gets an OTP on the phone. The e-KYC is complete the moment customer uploads this OTP.

Speaking on the announcement, Mr. Bipin Preet Singh, Founder and CEO, MobiKwik said, “KYC is a necessary step to pave way for interoperability between PPIs, bank accounts and cards in a phased manner. There has been a lot of confusion amongst the users, post the KYC compliance deadline of February 28. We, at MobiKwik, are working tirelessly to ensure than all our customers complete their e-KYC at the earliest possible, so they can continue using the mobile wallets. This initiative is aimed to informing our customers that e-KYC is a simple process that can be done on the user’s phones and will not take more than a minute.”

Digital transactions have been on the rise in India. In December 2017, transactions worth Rs 12,568 crore ($1.93 billion) were carried out on e-wallets, according to the Reserve Bank of India. This is compared to Rs 3,385 crore in October 2016, before demonetisation, which gave a big boost to the industry.

SUPERCASH is the first ever loyalty initiative launched by a mobile wallet in India. Under this initiative, the user saves money every time he transacts on MobiKwik. They can earn reward points at all MobiKwik merchants, including their local mom and pop stores.

Buoyed by the slew of strategic partnerships it has forged, MobiKwik has seen its user base grow three times to 100 million in the one year since demonetisation. This makes MobiKwik the only second mobile wallet after Paytm to cross the 100 million user mark in India.
About MobiKwik

MobiKwik is India’s largest digital financial services platform, a mobile wallet major and a leading payment gateway. MobiKwik app is a leading mobile payment platform with a network of over 30,00,000 direct merchants and 260 million plus users. Founded in 2009 by Bipin Preet Singh and Upasana Taku, the company has raised four rounds of funding from Sequoia Capital, American Express, Tree Line Asia, MediaTek, GMO Payment Gateway, Cisco Investments Net1 and Bajaj Finance.

In 2017, MobiKwik has forged a string of smart partnerships with leading blue-chip brands such as BSNL, Bajaj Finserv Ltd and IndusInd Bank, thus starting to impact almost 260 million Indians. In August 2017, BSNL went digital by launching a bespoke mobile wallet developed and issued by MobiKwik. Recently, the company has partnered with Bajaj Finserv Ltd. to develop an EMI wallet through which customers can avail credits and loans. Bajaj Finserv-MobiKwik wallet is also India’s first credit wallet. MobiKwik has also developed India’s first auto-load wallet for IndusInd Bank’s 10 million plus customers, who can make purchases just by tapping their wallet and their money gets automatically debited from their IndusInd account. The company has also signed a pact with IDFC bank for the launch of virtual cards.

The company has offices in New Delhi, Mumbai, Bangalore, Pune and Kolkata. MobiKwik aspires to be the largest source of digital transactions in India. It is powering e-payments for Bhopal Plus, Bangalore One, GSRTC, Amul, Verka, Mother Dairy, Safal, NHAI, Bharat Petroleum, Indian Oil, Amul, Verka, IRCTC, Uber, Meru Cabs, Big Bazaar, OYO Rooms, Zomato, PVR, Archies, WHSmith India, BookMyShow, Grofers, Big Basket, Dominos, Burger King, Pizza Hut, eBay, ShopClues, Myntra, Jabong, Pepperfry, Barista, Food Panda, Nearbuy, Van Heusen, Allen Solly, Louis Phillips, GoDaddy, MakeMyTrip. The company has tied up with BSNL to create cobranded mobile wallet for their 120M customers.