MobiKwik and Bajaj Finance introduce debit and credit mobile wallet in India
With the rise of digital payments in India, MobiKwik and Bajaj Finance have strategically partnered to introduce debit and credit wallet.
MobiKwik and Bajaj Finance Ltd. introduce debit and credit wallet in India
Digital Payments, AI and VR will power the Indian economy in future. The Drum earlier spoke with Mobikwik's coo Mrinal Sinha on India's move to mobile payments, where he pointed out that cash is Mobikwik's only rival in the Indian economy.
Commenting on the partnership, Rajeev Jain, managing director, Bajaj Finance Limited, said, “We aim to combine the synergies of both the organizations – deep rooted customer analytics and extreme focus on digital-oriented eco-system will make this a disruptive proposition amongst our existing products. Bringing in debit and credit option in one app will facilitate stronger customer convenience, stimulating higher spends.”
Through Mobikwik's mobile app, Bajaj Finance will extend credit facilities to the customer base of both the companies.
Bipin Preet Singh, CEO, Mobikwik, said, “Our partnership with BFL will enable us to realise our vision of performing all the functions of bank yet retain our core competency of being India’s leading e-wallet and we strongly believe that this combined value proposition will attract millions of new customers to choose wallet led mobile banking transactions."
"In short MobiKwik transforms itself as a new-age bank where our digital transactions will lead to lowering of lending rates and increased supply of money in the Indian economy," he added.