The mobile wallet provider MobiKwik partnered with state-owned BSNL to pay the phone bills digitally by using its online payment platform. With the demonetisation drive, there have been long queues at banks and ATMs to exchange old notes and withdraw cash. A large number of urban populations are now turning towards digital payments for their daily expenses and the digital wallet services are en-cashing profits.
Demonetisation - A Bold Move?
MobiKwik wallet, authorized by RBI, will now cater the needs of BSNL customers to deal with currency shortage. Speaking of the demonetisation move, Mr. Bipin Preet Singh, CEO, MobiKwik said, “This is the biggest surgical strike on the menace of cash ever heard of anywhere in the world.
This is a historic policy change and will do down in democratic India’s history as more impactful than the economic reforms of the 1990s. This is a strong step taken by the Modi government and will benefit the growth of digital payments and digital banking in India. MobiKwik is excited to be a part of this historic moment."
There has been a stupendous increase in transactions in leading mobile wallet providers since the demonetisation move came into effect. As per the data provided by Google Play Store, there is a 200% increase in MobiKwik wallet App downloads and 2000% growth in money added to the wallet. It has recorded a 5 times rise in the transaction value of payments made at retail outlets and street corner stores.
Encashing the Demand:
The MobiKwik online payment platform recently declared that its customers can send and receive money instantly to any bank account via its mobile App at zero percent fees. The company has also launched a doorstep cash collection service CashPay.
The state-run telecommunications company BSNL had a customer base of 89.54 million as of September 2016. The BSNL-MobiKwik partnership will benefit the industry as the mobile transactions of telecom service providers are also on a surge.
