MobiKwik has announced 6% annual profit on wallet balance for its users.
MobiKwik’s exclusive 6% profit club caters to over 30 million users, nationally. The company claims to be growing at the rate of 250% per year and is expected to cater to 70 million users by the end of 2017.
“This announcement marks the revolutionary transformation of MobiKwik into a digital institution –to fulfil every Indian’s end to end financial needs by offering micro loans, profits on wallet balance and cashless transactions. Our mission is to enable users to pay, save, borrow and invest, all using their MobiKwik mobile wallet,” Upasana Taku, co-founder, MobiKwik said.
To avail 6% annual profit, users need to maintain an average of Rs. 5000 or more in their MobiKwik wallets per month. Profits will be credited to users’ MobiKwik accounts on a monthly basis only.
The announcement is part of the company's plan to expand its services by offering solutions such as: instant micro loans.