The Indian m-payment service provider MobiKwik, introduces an instant credit option for amounts up to INR 5,000 in partnership with the financial company Bajaj Finserv. This credit application feature is available in-app and has been designed for new individual customers and entrepreneurs.
MobiKwik payment platform connects roughly 110 million users to more than 3 million merchants in India (Pizza Hut, eBay, Uber, etc.). Customers can top up their account to make secure purchases online and offline. MobiKwik has had a partnership in place with Bajaj Finserv since last year, when the Bajaj Finserv Wallet app was launched.
Through their mobile app, MobiKwik now features instant loans for amounts up to 5,000 rupees (roughly €63) helping customers settle daily bills or make in-store purchases. The amount is released within ten seconds, following three steps: entry of their PAN number (fiscal number), entry of their Aadhaar number (paired with their biometric data), and validation of the repayment plan.
With this launch, MobiKwik hopes their app will reach more users (+16%) and that the number of online transactions will increase by 30%. Also, roughly 35 billion rupees (€440 million) in credit have already been approved by Bajaj for MobiKwik. These partners are intending to lend 1,000 billion rupees (€12 billion) within 12 months based on this new product.
Comments – Instant credit offers moving the lines in India too
MobiKwik tackles a recurring issue in India, i.e.: insufficient access to credit offers for end customers. As they feature an instant and transparent credit offer, they are hoping they will reach new, never before covered, customer segments.