Sat, Dec 3, 2016 | updated 07:58 AM IST

MobiKwik's exclusive cash pick up service completest a million transactions

Updated: Jul 15, 2016 11:53 IST

New Delhi,July 15 (ANI): MobiKwik, the largest mobile payments company in India with over 32 million users and a network of 100000 merchants, today announced that its exclusive cash pick up service has completed 1 million transactions. The service was launched in September 2015 to cater to those users who are either unbanked or aren't comfortable using net-banking, credit or debit cards.

Speaking on the announcement, Bipin Preet Singh, Founder CEO, MobiKwik, said: "We launched cash loading in MobiKwik last year with cash deposit & cash pick up and have been receiving exceptional response from the users. Completing 1 million transactions for this service is a milestone for us that further demonstrates how innovations brought to business to solve users' genuine concerns will always yield favourable results."

By end of last year, India had 22.74 million credit cards users and 239 million smartphone users. This astonishing difference demonstrates why mobile wallet users are growing at a faster pace than traditional banking users. However, there is still a large mass of Indians who prefer cash as a medium to transact and to cater to those users, MobiKwik launched cash loading, which has been an incredible success.

"The real growth for mobile wallet industry is going to come from unbanked cash users who also want to buy things on their phone but do not have a way of doing so. For example, if a cash user wants to book train tickets on IRCTC, he needs a digital payment method. It is for such important need based services that users start adopting wallet after loading cash in it." Bipin added.

This MobiKwik exclusive service allows users to add cash directly to their MobiKwik wallet, from the comfort of their home or office. Cash Pick Up by MobiKwik, literally brings the bank to the user's doorstep, benefiting people who do not have access to bank accounts or credit and debit cards. The service allows anywhere from Rs 100 to Rs 10,000 to be added to the user's MobiKwik wallet in real time. KYC users can add upto Rs. 100000. Users can then make hassle-free payments across diverse use cases such as recharge, bills, food, travel & cabs, shopping, entertainment, money transfer and more.

MobiKwik's cash pick up service is available in New Delhi, Mumbai, Bangalore, Jaipur and Surat. (ANI)