MobiKwik introduces instant loan of Rs 5000 on its app
Launched in partnership with Bajaj Finserv
MobiKwik, one of India’s largest digital financial services platform, today announced the launch of instant loan of Rs. 5000 on its app, in partnership with Bajaj Finserv, India’s most diversified NBFC. This is the first-of-its-kind of credit disbursal product, in line with MobiKwik’s objective of providing easy and instant credit to millions of Indians. This product is designed to target millions of new to credit (NTC) customers as well as small business owners in the country. The amount credited can be utilized by the app users for a variety of payments, including bill payments, cab bills, as well as payments to offline and online merchants.
There is very high demand for small credit products which can cater to immediate requirements of payments for clearing bills, paying offline merchants for daily transactions like food, grocery, as well as making other payments. MobiKwik strives to address this problem with the launch of this breakthrough product, that offers a seamless experience and enables instant disbursal of credit, in a matter of 10 seconds, by following 3 simple steps on its app.
Speaking on the announcement, Ms. Upasana Taku, Co-Founder and Director, MobiKwik, said, “Instant credits for small ticket amounts is a huge untapped opportunity. With the smartphone user base expected to grow by about 16% this year and the online transacting user base growing by over 30% YoY, we believe that Insta Credit will enable us to reach out to a new set of customers who did not have access to credit till date. We have already pre-approved Rs. 3500 crores of loans for millions of customers across the country. Credit is a billion-dollar opportunity and we are working on rolling out similar products to cater to the low ticket instant credit requirements, across a wide range of individual and business users.”
Bajaj is an anchor partner for MobiKwik. MobiKwik and Bajaj Finserv entered into a strategic partnership last year and had set a target to digitize credit for an amount of Rs.1 lakh crores in next 12 months. As a part of this partnership, MobiKwik and Bajaj Finserv, through its lending arm Bajaj Finance Ltd, had launched the mobile application ‘Bajaj Finserv Wallet’ in October last year. The Bajaj Finserv Wallet comes pre-loaded with Digital EMI card which means that the customers no longer need to carry a physical card. It offers security against any fraudulent transaction and makes it easy to block or unblock the card, increasing the ease of transaction.
MobiKwik is India’s leading digital financial services platform, a mobile wallet major and a leading payment gateway. MobiKwik app is a leading mobile payment platform with a network of over 3 million direct merchants and 260 million plus users. Founded in 2009 by Bipin Preet Singh and Upasana Taku, the company has raised four rounds of funding from Sequoia Capital, American Express, Tree Line Asia, MediaTek, GMO Payment Gateway, Cisco Investments Net1 and Bajaj Finance. The company has offices in New Delhi, Mumbai, Bangalore, Pune and Kolkata. It aspires to be the largest source of digital transactions in India and has a vision of enabling a billion Indians with one tap access to digital payments, loans, insurance and investments, by 2022.
MobiKwik believes in the ‘power of partnerships’ and has forged a string of smart partnerships with leading blue-chip brands such as BSNL, Bajaj Finserv Ltd and IndusInd Bank in the year 2017. In August 2017, BSNL went digital by launching a bespoke mobile wallet developed and issued by MobiKwik. Bajaj Finserv-MobiKwik have partnered to launch India’s first credit wallet, an EMI wallet through which customers can avail credits and loans. MobiKwik has also developed India’s first auto-load wallet for IndusInd Bank’s 10 million plus customers. The company has also signed a pact with IDFC bank for the launch of virtual cards.