INSUBCONTINENT EXCLUSIVE:
MobiKwik, a mobile wallet app in India that has expanded to add several financial services in recent years, said today it plans to enter
international markets as it approaches profitability with the local operation
The company is kick-starting its overseas ambitions with cross-border mobile top-ups support.The 10-year-old firm said it has partnered with
DT One, a Singapore-headquartered payments network, to enable international mobile recharge (topping up credit to a mobile account), rewards
and airtime credit services in more than 150 nations across some 550 mobile operators
The feature is now live on the app.The feature is aimed at Indians living overseas and immigrants in India, Upasana Taku, co-founder of
MobiKwik told TechCrunch in an interview
Millions of Indians go overseas to pursue education or look for a job
top up their phones.Similarly, millions of people come to India in search of a job
The new functionality from MobiKwik will allow their families and friends to top up their mobile credit as well
Taku said there is no processing fee for customers, as MobiKwik is absorbing all the overhead expenses.For MobiKwik, mobile recharge is just
the entry point to assess interest from users, Taku added
We will eventually add other essential services as well
regulatory frameworks in overseas markets and holding conversations with stakeholders, she added.The announcement comes at a time when
MobiKwik is inching closer to profitability, a feat unheard of for a mobile wallet app provider in India
The firm, which claims to have grown its revenue by 100% in the last two years, expects to be profitable by this year and go public by 2022
the firm has expanded to offer financial services such as loans, insurance and investment advice
MobiKwik competes with a handful of payment services in India, including Paytm, PhonePe and Google Pay that either support, or fully work on
top of a government-backed payment infrastructure called UPI
In April, UPI apps were used to carry out 782 million transactions, according to official figures.The big numbers have attracted major
