India’s first digital wallet with a credit facility will benefit over 75 Million customers; this wallet will have Digital format of Bajaj Finserv EMI card and all wallet features powered/developed by Mobikwik
Bajaj Finserv, through its lending arm Bajaj Finance announced the launch of its mobile application ‘Bajaj Finserv Wallet’, in strategic partnership with MobiKwik, India’s largest issuer-independent digital financial services platform. The Bajaj Finserv Wallet app, powered by MobiKwik, is India’s first wallet that offers all the features and benefits of the Bajaj Finserv EMI card creating a cost-effective, secure and personalized ecosystem.
The Bajaj Finserv wallet is available to all existing and new customers of both the brands – Bajaj Finserv and MobiKwik. The wallet offers a combined value-proposition to the customers by enabling them to access their Digital EMI cards, make and collect payments, pay bills, book bus tickets, avail offers, search nearby stores etc. instantly and seamlessly on a real-time basis. Currently, Bajaj Finserv has 9.8 million EMI card customers and an overall franchise of 21.69 million customers, while MobiKwik has a 65 million customer base.
Speaking at the launch Rakesh Bhatt, COO, Bajaj Finance, said, “We are delighted to introduce a disruptive proposition that will enable our customers to enjoy the features of the Bajaj Finserv EMI card, along with the ease and benefits of a wallet app. This is a strategic step for us to complete our payment ecosystem, thus enabling exponential customer experience and giving them additional means to pay the way they want”.
Announcing the association, Upasana Taku, Co-founder, MobiKwik, said, “India’s fast paced journey to becoming a cashless nation today received another push with the launch of country’s first credit wallet. The Bajaj Finserv-MobiKwik wallet will allow users to fulfill their buying needs on credit and have an even cheerful festive season.”
We believe that collaborations will play a huge role in our evolution into a leading digi-finance platform, and by 2022, MobiKwik will be empowering a billion Indians with one tap access to payments, savings, investments and lending. The company is today impacting 260 million lives, she added.
The Bajaj Finserv Wallet comes pre-loaded with Digital EMI card which means that the customers no longer need to carry a physical card. It increases security against any fraudulent transaction and makes it easy to block or unblock the card, increasing the ease of transaction. The Bajaj Finserv Wallet app enables customers to make digital payments across India on MobiKwik’s 2 million+ merchant network and Bajaj Finserv’s distribution network of more than 33,000 outlets on ‘No Cost EMI.’ It also provides nearby capability search option which indicates the nearest Bajaj Finserv’s distribution point or the closest Mobikwik Merchant Network outlet across categories like gadgets, clothes, travel, groceries and small appliances, power backup, holiday packages, accessories, education, watches, etc.
Bajaj Finserv wallet also combines the benefits of the EMI card and MobiKwik wallet with built-in features like user preferences, geo-tagging through customer location, product prioritization, a robust search engine for products, brands & dealers and their outlets.
Bajaj Finance Ltd has recently subscribed to 10 equity shares and 271,050 compulsory convertible preference shares (CCPS) for a consideration of approximately 2,250 million. This investment in MobiKwik is intended to support Bajaj Finance Ltd’s existing lines of businesses and to be used to develop front-end application for users availing financial services.