Fri, Oct 28, 2016 | updated 11:49 AM IST

Mobikwik, Samagra launch 'M-Gullak' for urban poor

Updated: Sep 01, 2016 17:01 IST

New Delhi [India], Sep 1 (ANI): India's largest payments network trusted by over 32 million users MobiKwik announced its association with Samagra, an NGO serving urban poor to launch 'M-Gullak', a micro savings initiative designed to serve the urban poor.

Based on Samagra's insights on customer behaviour and MobiKwik's mobile wallet technology, the user experience has been customized for the urban poor keeping in mind the resource constrained environment.

M-Gullak will promote the habit of savings among slum residents and connect to them to the world of e-commerce and digital services. The innovation is expected to develop India 's largest domestic remittance corridor.

"We constantly strive to develop new and innovative solutions to cater to the financial needs of users and contribute meaningfully in making their daily lives better. M-Gullak in one such initiative that we have launched with Samagra to serve those who are either unbanked or under-banked," said Co-founder MobiKwik, Upasana Taku.

M-Gullak will provide ICT Enabled Mobile Wallet platform, which enables users to save in very small amounts at various locations, recharge phones, buy digital goods and transfer to their bank accounts.

The initiative has been launched in Pune and is expected to benefit 150,000 urban poor residents by the end of this year.

By early 2017, m-gullak will be available for over 50 million users in Delhi and other metros.

"In course of providing sanitation services, Samagra realized that even though there are banks nearby all the urban slums, only 20 to 30 percent urban poor have active bank accounts. And although accounts have been opened under JanDhan Yojana, many people do not use accounts for transactions. Urban Poor end up spending a good portion of their money on short-term needs," said Founder Samagra, Swapnil. (ANI)