The Union Budget of 2017 has been a vindication of the MobiKwik mission of leading India to a cash less economy. Having started out with the objective of being the future of transaction in India, MobiKwik has come a long way with over 40 million users to replace their cash transactions with stored value transactions.
Budget 2017 has put in a clear push for digital transactions in India across all levels of society and for all transaction sizes. Digitization isn’t only about being a transparent tracking mechanism but also about taking away the hassles of maintaining hard cash reserves with individuals. The push has been to put more cash in the banks so that lending rates go down and interest rates go up.
MobiKwik is the leader in urban centres for cashless transactions for groceries, petrol pumps, merchant transactions, electricity bills, gas connections, landline & broadband connections, water bills, etc. Budget 2017’s emphasis on non-urban centres for cashless transactions has made it imperative that other wallet providers follow MobiKwik’s lead in making rural India cashless. Some of the transaction types clearly spelt out in the budget to be made cashless are:
- Mandating Petrol Pumps: To enforce cashless transactions across India and not just in urban centres
- Fertilizer Depots: To let farming occupations buy fertilizers and other related equipment without wasting time to visit a bank and withdrawing cash.
- Municipalities & Block Offices: To let residents and local citizens pay their taxes as per their comfort, thereby eliminating last-mile malpractices and saving on efficient working times of employees who may be otherwise employed in wasteful activities.
- Road Transport Offices: To allow for quick licensing, penalty collection and other activities. This will also curb last mile malpractices and make the facilities more efficient.
- Colleges & University Fees: To allow students to make their fee payments. Also, to let Universities & Colleges do their internal transactions like staff salaries, facility upkeep or maintenance, etc. in a cashless and hence transparent manner.
- Hospitals: To make all kinds of transactions free of any unfair practices. Whether buying medicines, emergency payments, internal hospital transactions like staff salaries, purchases, facility maintenance, etc.
MobiKwik has already been at the forefront of leading the upcountry penetration with MobiKwik Lite app for android devices. Launched on 28th November, the app has been made specifically to be workable on 2G/Edge connections where internet connectivity is low as compared to urban centres. Working with unorganized retailers, MobiKwik has been gaining ground in leaps to connect last mile merchants & shop owners on MobiKwik’s secure & safe platforms for doing cashless transactions . With cashless & cashfree becoming the new buzzwords in India post the Budget speech, it is only normal that MobiKwik leads the charge of bringing it in full force in the country.
Upasana Taku & Bipin Preet Singh, MobiKwik Co-Founders, feel that the Finance Minister has paved a way for a tax compliant India due to the emphasis on cashless & cashfree transactions. With digitization having its areas of influence in urban centres, it is a category leader like MobiKwik that will go in to the heartlands of India and bring in transaction mechanisms into the mainstream to help in the overall economy overhaul that is so required.