News in brief:
– MobiKwik is the first digital payments company in India to foray into international markets for mobile recharge
– Ties up with DT One, a global B2B network for mobile top-ups/recharge, rewards and airtime credit services
– With a 1-tap payment, Indian users will now be able to recharge the mobile number across DT One’s network of 150+ countries and over 550 mobile operators
– MobiKwik’s partnership with DT One will have a profound impact on immigrants and workers in India, and students studying overseas to stay connected to their loved ones
Gurgaon, June 18, 2019: MobiKwik, India’s leading FinTech company today announced a partnership with DT One, a global B2B network for mobile top-ups/recharge, rewards and airtime credit services. As per this agreement with DT One, MobiKwik will offer mobile recharge in 150+ countries across more than 550 mobile operators. The announcement not only signals MobiKwik’s bold foray into international markets but is the first of its kind for any Indian digital payments player.
The “International Recharge” service on MobiKwik app is currently live across 150+ countries in the Middle East, Asia Pacific, Europe, Africa, United States, Latin America and Carribean enabling users to seamlessly recharge a mobile number across DT One’s global network of over 550 operators. For DT One, this is the first time that mobile recharge will be originated out of India via their network, rather than to India.
India is one of the world’s top destinations for international migrants. 1According to data from Pew Research Center for 2015, nearly 5.2 million immigrants live in India, making it the 12th-largest immigrant population in the world. The overwhelming majority of India’s immigrants are from neighbouring countries such as Bangladesh (3.2 million), Nepal (540,000) and Sri Lanka (160,000). More and more foreigners are making India their home for education, work and business opportunities. These immigrants, based in India will now be able to recharge the mobile phone for their family, friends and loved ones directly in real-time via MobiKwik app.
2An estimated 17 million Indians were living abroad in 2017, making India the largest source country for international migrants globally, according to an IndiaSpend analysis of data from the United Nations Department of Economic Affairs.
3As per Ministry of External Affairs data, 752,725 Indian students went to study abroad in 90 countries including the US, Australia, Canada, UK, UAE in 2018. This number has been growing steadily over the years at 15-20%. The families of these students will find it easy to recharge their mobile phones for the duration of their stay abroad.
This announcement will also deliver unparalleled convenience to travellers from India going abroad for business or pleasure. Especially for frequent travellers for business who may have a long term pre-paid SIM of the country they frequently visit, they would be able to recharge it from the comfort of their home via their MobiKwik wallet prior to travel and that too in Indian currency. The UN World Tourism Organisation (UNWTO) predicts that India will account for 50 million outbound tourists by 2020. Operators say that at present around 25 million tourists from India travel abroad.
Commenting on the partnership, Upasana Taku, Co-founder, MobiKwik, said “We are constantly looking at adding value to our existing offerings for our customers even if it is as simple as mobile recharge back home for people coming to India for work or for studies. This new feature will enable millions – immigrants in India from across the globe, students studying abroad and even frequent travellers the power of connectivity at their fingertips via the new feature on the MobiKwik app. With this powerful collaboration with DT One, we promise to deliver at a greater scale to our customers. This launch is in line with our future growth and expansion plans in the domestic as well as international markets and making most of the services on a single platform.”
“Our goal is to make digital communications more available and accessible to everyone, helping to keep more people better connected so they are able to do the things that matter to them the most, online,” said DT One EVP of APAC, Mr. Krishnadeep Baruah.
“By working with such a visionary partner like MobiKwik, we’re able to seamlessly deliver smarter mobile recharge solutions to more people so they can stay connected with loved ones and better participate in the global economy,” said Mr. Baruah.
MobiKwik is the first Indian owned company to have successfully launched and enrolled customers under its full stack of financial services – digital payments, lending, insurance, investments in MF and gold and payment gateway. Its user base comprises over 107 Mn users, 3 million merchants, and 200+ billers. Growing at an accelerating pace, MobiKwik expects to enroll at least 10 million users by FY 2020 to avail at least 3 financial services on the MobiKwik platform.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik has raised four rounds of funding from investors including Sequoia Capital, American Express, and Net1 of close to $120 Mn.
MobiKwik is India’s leading fintech platform, operating businesses in consumer payments, payment gateway, and financial services. The vision of the company is to build accessible, and affordable digital financial services for a Billion Indians. Founded in 2009 by Bipin Preet Singh and Upasana Taku, the company has raised four rounds of funding from marquee investors including Sequoia Capital, American Express, and Net1.
MobiKwik’s consumer payments network is one of the largest in India with 107 million users, 3 million merchants, and 200+ billers. In the last year, the company has launched 3 new financial services – lending, insurance and wealth for its users and merchants. Earlier in 2018, it launched India’s fastest loan product ‘Boost’, which disburses money in the user’s wallet in 90 seconds. In Oct 2018, the company acquired Clearfunds, one of India’s emerging wealth startups.