Mobikwik:- INDIAN electronic payment Brand

Mobikwik:- INDIAN electronic payment Brand ********************************************************* Mobikwik an Indian electronic payment brand. MobiKwik Wallet is a prepaid financial instrument approved by Reserve Bank of India. It allows Indian consumers to store money in a virtual wallet and then use it across channels ( mobile, desktop, tab, sms, ivr) to pay merchants. MobiKwik launched an e-wallet system in 2012 that enabled users to deposit money online to use for bill payments and other features In June 2017, 80 percent of India's mobile wallet transactions market was performed by Paytm, ITZCash and Mobikwik. In March 2017, MobiKwik's largest competitor was Paytm. In April 2015, MobiKwik was used by 15 million users. In a partnership with CashCare, MobiKwik began providing small loans between 500–2,500 Indian rupees to customers in May 2016. Following the 2016 Indian banknote demonetisation in November 2016, MobiKwik realized a 400% increase in financial transactions using the service by late December, 2016. MobiKwik was founded in 2009 by husband and wife team Bipin Preet Singh and Upasana Taku. that provides a mobile phone based payment system and digital wallet. Customers add money to an online wallet that can be used for payments. MobiKwik payment gateway partnered with Uber India in July 2015, which enabled Uber and its drivers to utilize MobiKwik to process debit and credit card payments MobiKwik wallet is a semi closed wallet authorized in 2013 by the Reserve Bank of India (RBI). The RBI license allows the company to create marketplaces where customers can purchase goods and services from third party vendors. mobikwik works excellent in weaker signals too. The recharge done on mobikwik done in 5 to 10 seconds Investment: ********************************************************* In 2013, after founder Singh's initial $250k seed investment, MobiKwik raised $5 million in Series A funding from an unnamed US-based VC firm. Bajaj Finance picked up 10.83% stake in MobiKwik for Rs. 225 crores. In February 2017, the company announced plans to invest approximately USD$45 million to expand its user base from 50 million to 150 million users in 2017 *********************************************************