Indian Payments Firm MobiKwik Is Showing Its International Ambitions With Cross-Border Mobile Top-ups

MobiKwik is an Indian wallet application that has added a number of financial services recently. It revealed that it has been planning to get in the international markets by approaching local operations’ profits. The company started its ambition with the support from cross-border mobile top-ups in the mobile market.

The firm indicated that they had been in cooperation with a payment network in Singapore: DT One. This partnership allowed users to recharge their mobile phones internationally, not to mention the airtime credit services and rewards available in no less than 150 out of 550 mobile operating nations. This feature is officially available on MobiKwik.

As the co-founder of MobiKwik – Upasana Taku – stated, this brand-new feature aimed directly at Indian who lives abroad and India’s immigrants. Hundreds of millions of India citizens decided to go abroad in order to pursue a job or a higher education. At the very moment, it is hard for them to get help or support from their own friends and families when they wanted to get their phone bill filled.

Likewise, people from other countries also went to India to get a job. MobiKwik’s new feature allows one’s family and friend to remotely top up their acquaintances’ mobile bills. The processing fee is left uncharged for the customer because MobiKwik is in charge of all those arose expenses.

To the firm, the mobile top-up is only the starting point for them to measure users’ interests, as added by Taku. The co-founder mentioned that this was the 1st service that they had launched. As time passes by, more and more necessary services will gradually be added by the firm. The firm also said that having the mobile recharge remotely can benefit them from understanding users’ needs as well.

Different frameworks in different markets are also being studied by the firm. And they are maintaining conversations with important stakeholders too.

The MobiKwik’s declaration was announced as the firm is coming closer to its profits, which have never been seen before regarding an Indian mobile wallet provider. During the last 2 years, the firm claimed to have risen their profits by 100%, and they are expecting to outgrow their own profits in 2019 and to finally go public in 3 years from now.

In 2018, the firm was able to expand its financial services namely investment advice, insurance, and loans. The firm is in the competition with other India payment services including Google Pay, PhonePe and Paytm. These all are supported by the government payment infrastructure named UPI. 2 months ago, UPI applications were used in order to implement almost 800 million transactions.

The number is big, which is why it has attracted a considerable number of investors. Having about $290 in the fund, India has risen as the top-notch fintech market of Asia in the first quarter of 2019.