Heralding a new era of Indian digital finance, MobiKwik has entered into a strategic tie-up with one of the largest non-banks in India – Bajaj Finance Ltd, to launch India’s first debit and credit wallet. Through this association, Bajaj Finance Ltd will extend credit facilities through MobiKwik’s innovative mobile app catering to the wide customer base of both the companies. The partnership will empower consumer to avail credit facility through the wallet enabling them with instant purchases and payment option.
In a first of its kind in India, this strategic tie-up, will extensively use “mobile first” technology to offer credit facility to consumers and millennials who are fuelling a growing demand of digital wallet transactions that has grown phenomenally especially after the landmark demonetisation initiative announced by Government of India in November 2016. The Industry estimates that Mobile wallet service will contribute up to 30 per cent share in mobile payment volume transactions in FY 2017.
Commenting on the partnership, Rajeev Jain, Managing Director, Bajaj Finance Limited said, “We aim to combine the synergies of both the organizations – deep rooted customer analytics and extreme focus on digital-oriented eco-system will make this a disruptive proposition amongst our existing products. Bringing in debit and credit option in one app will facilitate stronger customer convenience, stimulating higher spends.”
Announcing the association, Bipin Preet Singh, CEO, Mobikwik, said “Our partnership with BFL will enable us to realise our vision of performing all the functions of bank yet retain our core competency of being India’s leading e-wallet and we strongly believe that this combined value proposition will attract millions of new customers to choose wallet led mobile banking transactions. In short MobiKwik transforms itself as a new-age bank where our digital transactions will lead to lowering of lending rates and increased supply of money in the Indian economy”.