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How MobiKwik is revolutionizing personal finance!

5565 Viewed Jacob Martin Comments Off on How MobiKwik is revolutionizing personal finance!

Back in 2009, when co-founders Bipin Preet Singh and Upasana Taku started a Payment Systems Operator in India and named it MobiKwik, they may not have realized the momentum that this platform would offer to the Fintech sector in India. But, what has to be will be, we all know. MobiKwik grew fast and today is all geared up for its first IPO.

What makes MobiKwik a revolutionizing platform?

The sheer strength of the platform to address all services in the FinTech space makes it very different from the other competitive platforms. The company seems to have made some credible decisions by tying up with the right entities to bring forth to its 120 million+ user base a set of streamlined services. These services are based on the conventional financial services and banking models but are powered by revolutionary digital technology. It is fast and instant, seamless and straightforward. The personal finance industry has indeed been radically transformed with innovative and path-breaking solutions from the fintech platform.

The Personal Finance landscape in India has been changed forever by MobiKwik. How?

Banking made easy

MobiKwik’s transformation from a simple digital payment platform is incredible. It has grown to be a Digital Bank today that helps its 120 million+ users access banking on the go. No intricate steps required, no rush, no queues – an entire process requiring minimal time. All that a user needs to do is to become a registered user of the App and become eligible for all of its features. The App offers a simplified platform for millions of Indians who either are still to access the conventional banking system or have very little know-how to operate their banking accounts independently. MobiKwik is an app that an individual can install on their phone or any digital device. The app helps them to:

  • Transfer money directly via the bank with Unified Payment Interface (UPI)
  • Make digital payments seamlessly and instantly
  • Access loans that get processed instantly and do not involve detailed documentation
  • Buy and sell digital gold at real-time prices, and that too, instantly
  • Invest right in Mutual Funds

The target market for the app is a base of Indians who are active users of smartphones and digital devices and also have bank accounts. This set of people wishes to have enhanced experiences, be it banking or financial services. This set of people expects world-class fintech services powered by digitalization. MobiKwik was fast to feel the pulse of the market and identify the changing needs of the users.

Where did it all start?

The App was started as a payment-only digital solution. Like few other hi-tech apps that got launched almost simultaneously, it offered online recharges and bill payments including mobile prepaid and postpaid payments, DTH payments, credit card payments, data card payments, landline, and broadband bill payments. Later, utility bills like electricity, piped gas, water, cable, municipality bills, challans, etc., was added to the list of services. As of today, users can even recharge their metro cards and pay their EMIs via the App.

Role as a lender

One of the biggest achievements in the personal finance landscape for the app was to evolve as a lender that facilitated easy and instant loans – just the kind that a normal person would need once in a while. It could be emergency funds or paying off credit card bills. The lending system of the App was started to address this need of the common person.

The instant loan product has two differentiating factors that make it so very popular. One, the record speed of processing the loan, where applicants could get a loan in as little as 90 seconds. Plus, the loan amount can vary between Rs 5,000 to Rs 60,000 and does not require any collateral. Users can now get up to Rs. 5,00,000 as loan, directly credited to the wallet in no time. Applicants can further transfer the money into their bank account directly from the wallet.

Entry into Wealth Management

The App offers low-risk funds for users to invest in and, in the process, get higher returns compared to returns received in their savings bank account.

It is exciting to note that the company has been going strong to go full-stack as a fintech company in India. They have been spreading their horizons to include as many financial services as possible in their innovative App. The brand also launched MobiKwik ZIP, a small credit facility that enables Spend now, Pay let to add to their existing services.

Not to forget that the payment App-enabled seamless online shopping. Users can sell gold, buy gold, convert it into gold jewelry, and more, just like any standard banker.


The company is now planning to go ahead with the first Initial Public Offering. It has several firsts to its name. It has evolved to become a strong player in the Indian financial ecosystem. It’s your turn to download the MobiKwik App and be a part of this revolution!

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