One of the leading players in India’s mobile payment network MobiKwik has announced a partnership with Walmart. The exclusive partnership sorts allows MobiKwik to power 20 of Walmart’s Best Price Modern Wholesale stores in nine states. This deal sounds interesting as we see the Mobile Wallet concept seeping through and comfortably making its way through the offline market.
Earlier this year, the giant mobile payment company which boasts of over 17 million users had announced partnership with CCD. At this pace, the physical wallet making companies should really start worrying for business. One of their major keys to success is the kind of offers they table forth. To add up to the user’s good books, a bonus to this new feature is added. Users will be able to get instant refunds as opposed to the current policy which involves manual processing and can take up to 7-10 working days.
MobiKwik claims to currently have a retailer base of 50,000. The easy to use application helps make payments at a single tap. The company has definitely come a long way since it was founded in 2009. Little could we expect it to wave its wand over the offline market. MobiKwik has raised almost $ 30 million in funding till now from Sequoia Capital, American Express, Tree Line Asia, and Cisco Investments.
Notable clients of this company include Uber, Meru Cabs, Big Bazaar, WHSmith India, Café Coffee Day, PVR, BookMyShow, Domino’s, Pizza Hut, Star Sports, GoDaddy, eBay, ShopClues, Myntra, Jabong, Pepperfry, HomeShop18, MakeMyTrip, Cleartrip, and Yatra.
BipinPreet Singh, Founder & CEO, MobiKwik said, “With this partnership, together Walmart and MobiKwik are bringing the power of mobile payments to the lakhs of small businesses and kirana stores in India.” He added, “Mobile is now the fastest growing channel for the Indian economy and we are happy to be a part of the Walmart India mobile story. This is just the beginning and we expect the partnership with Walmart to expand in to next level of payment and financial services for BestPrice members in the coming months.”
Scott Price, President and CEO, Walmart Asia, said, “Our new mobile app will give Best Price members a personalized and seamless shopping experience. We understand not just what customers want and need, but also where they want it and how they want to experience it. With our size and scale in India, we can serve customers quickly and more effectively with the whole range of channels we are offering.”
In recent past, mobile wallets have built a pathway into the online payments section, be it on e-commerce websites or for paying utility bills. The luring offers, which are placed forth by the mobile wallet companies seldom, go ignored by the user base.
The companies are now tapping the offline market at a fierce pace, very simply because people are not restricted to shop even while moving cashless. It’s easier to use your smartphone to make payments. They’re well on the path of replacing physical wallets, as you can safely pay and also track your expenses at a click. Considering the big brands and offline retail stores spread in the nook and corners of the country, the scope for market growth is unconstrained.