Indian e-wallet company MobiKwik, facilitating online recharge & top-ups for Mobiles, Direct To Home (DTH), Data Cards & Bill Payment facilities, will take a proactive step to include Movie & Bus ticketing as well.
The company may be enthusiastic about the inclusions however, the management is even more upbeat since they could soon close a substantial Series A round of funding worth Rs. 20 Crores (US$ 3.35 Million) revealed MobiKwik CEO and founder Bipin Preet Singh. This fund infusion will be utilized for bring the categories to fructification as well as develop the platform to be more mobile friendly & automate the routine process to save customers efforts.
Will these categories be in addition to the present ones? Interestingly, the company has chosen to tread a different path & wishes to act more as a backend management company rather than a front-end User Interface (UI) service. Bipin said, “All newer categories may or may not be on the firm’s platform. The company is looking to tie up with third-party vendors such as e-commerce companies and restaurants to make available Mobikwik’s wallet as a means of completing transactions.” His justification was, “With this, customers won’t have to go through the whole process of payment gateway every time,”
Online recharge companies appear to be steadily dividing into additional streams, perhaps to enhance their revenue streams or make better use of their platforms. However, the common reason appears to be better monetization of the virtual footfall or organic traction. Presently MobiKwik experiences about 45,000 transactions daily. But what’s even more interesting is the fact that its Android App is responsible for slightly more than 1/3rd of that number. Under such circumstances, it comes as no wonder that the company is open to supporting other vendors like e-commerce companies and restaurants to make available Mobikwik’s wallet as a means of completing transactions. What do you think?