Mobile wallet company MobiKwik has announced its partnership with ICICI Bank to allow customers to recharge their digital wallets with cash at any of the Bank’s 4,000+ branches in the country.
The partnership will allow people without a bank account or access to net banking services to use MobiKwik’s digital wallet. It will also benefit other customers in providing them an alternative method of loading funds into their e-wallets.
How It Works?
MobiKwik has built a new feature called CashPay into its app in order to allow users to load physical money into their digital wallets.
In order to do so, users have to hit the CashPay option on the app and mention their name and the amount to be recharged into their wallets. Doing this will generate a unique order ID and provide the user with the location and contact details of the nearest ICICI Bank branch.
Users will be able to go to that ICICI bank branch or any other branch and use a regular cash deposit slip in order to recharge their MobiKwik wallets. CashPay is already up and running in the Delhi-NCR region and will be rolled out pan-India shortly.
There are 970 million mobile subscribers in India, but just 210 million bank account holders. MobiKwik believes that there’s massive potential for mobile based banking, while also helping those bank account holders that don’t utilize their credit/debit cards online to utilize its service.
The company recently raised $25 million from Tree Line Asia, Cisco Investments, American Express and Sequoia Capital, and plans to raise a further $100 million in the second half of 2015.
MobiKwik will use this capital to create an offline retail network of over 1 lakh merchants across India that will not only accept payments made through its wallet, but also act as points to allow users to load cash into their e-wallets.