MobiKwik Partners With StoreKing to Bring Cashless Payments to 10 Million Rural Users
Mobile payments are catching up very soon in India; many mobile payment companies are lately seen to be tying up with various retail firms. MobiKwik alone is connecting 17 million users with 50,000 retailers. In recent times, Mobikwik has tied up with Uber, Meru Cabs, Big Bazaar, WHSmith India, Cafe Coffee Day, PVR, Walmart, BookMyShow, Domino’s, Pizza Hut, Star Sports, GoDaddy, eBay, ShopClues, Myntra, Jabong, Pepperfry, HomeShop18, MakeMyTrip, Cleartrip and Yatra.
Mobiles are quick catching up in the rural Indian market and MobiKwik is tapping on the majority of population that lives in the villages. This move will probably make it the largest platform for online transactions in the country.
MobiKwik has now partnered with StoreKing, which is a Bengaluru-based e-commerce startup. It uses vernacular languages to introduce millions of villagers to the world of online shopping. It also has a great network amongst kirana stores in rural areas. Using vernacular languages makes it easier for the masses, which want to use technology, but are unable to do so due to linguistic barriers.
This partnership will benefit 10 million rural users, who will now be able to make payments via the MobiKwik mobile wallet in these 10,000 retail stores as well as make payments for online purchases on the StoreKing e-commerce platform.
How does it work?
- Users load money into the wallet once using cash, loyalty points, debit card, credit card, and netbanking.
- After loading money, they can make secure 1-tap payments for purchases.
- The wallet balance can be used across platforms for recharge, bills, food, travel and cabs, shopping, entertainment, etc.
- Users can also transfer money to wallets and bank accounts of friends and family using MobiKwik
- MobiKwik wallet services are currently available on Android, Windows and iOS mobile applications and on MobiKwik.com.
A recent report by PwC states that the number of rural e-commerce Internet users is growing by 58 percent annually, fuelled by the increase in the number of smartphones and 3G subscriptions.
How will it help?
- partnership will enable 10,000 retailers to accept payments through the mobile using MobiKwik wallet
- Retailers and users across Karnataka, Andhra Pradesh, Telangana, Tamil Nadu, Kerala, and Goa to benefit from this partnership
- his partnership is significant in enabling financial inclusion and digitizing India
“As we continue to work in collaboration with retailers and merchants of all sizes, MobiKwik’s mobile application will increasingly be seen as a destination for users to browse local businesses, order ahead, and transact at point-of-sale,” said Bipin Preet Singh, Founder CEO, MobiKwik, while announcing the collaboration. “With this partnership, we are extending the reach of MobiKwik wallet to rural India and breaking barriers presented by traditional payment methods. Rural Indians no longer have to wait for banks to reach them, to open an account or to transact. They just need to download our app to kick-start their digital payments journey,” he added.