MobiKwik is an Indian company founded in April 2009 that provides a mobile phone based payment system. It is a user friendly mobile app – a digital wallet. This digital wallet was founded by husband and wife Bipin Preet Singh and Upasana Taku and it’s a Private Limited Company. It provides its users various services like mobile and online payments, phone and DTH recharges, money transfer, shopping, to name a few. Customers add money to an online wallet that can be used for payments for multiple purposes. Their headquarters  is situated in Gurugram, Delhi-NCR.

Bipin Preet Singh and Upasana Taku Singh, a 2002 graduate of IIT Delhi, saw an opportunity to improve mobile recharge options. He seeded the company with USD$250,000 investment from his own pockets, developed the website and payment options, and rented office space in Dwarka, Delhi. The initial service was a website with a closed wallet facility, but over the years, MobiKwik extended their service to mobile apps. The company initially partnered with online merchants to make their wallet available as a payment option on e-commerce sites.

MobiKwik launched an e-wallet system in 2012 that enabled users to deposit money online to use for bill payments and other features.

In 2013, the Reserve Bank of India authorized the company’s use of the MobiKwik wallet. The RBI license allows the company to create marketplaces where customers can purchase goods and services from third party vendors, avoiding the reportedly high failure rates of payment gateway transactions in India.

In September 2014, Express Computer reported how MobiKwik was partnering with GoDaddy and other international companies to help them comply with Indian payment regulations.

MobiQwik partnered with Uber India in July 2015, which enabled Uber and its drivers to utilize MobiKwik to process debit and credit card payments. In April 2015, it was used by 15 million users and claimed to be adding one million new customers every month, according to Forbes India Magazine.

In a partnership with CashCare, MobiKwik began providing small loans between 500–2,500 in Indian Rupees to customers in May 2016. In November 2016, it had over 1.5 stores using its service and 55 million users. In the same year MobiKwik launched its MobiKwik Lite mobile app aimed at users in poor internet connectivity regions and consumers using older 2G cellular networks. MobiKwik accomplished a 400% increase in financial transactions using the service by late December, 2016.

Recently, in February 2017, the company announced plans to invest approximately USD$45 million to expand its user base from 50 million to 150 million users in 2017. In June 2017, 80 percent of India’s mobile wallet transactions market was performed by Paytm , ITZcash and Mobikwik; MobiKwik’s biggest competitor is Paytm.

17 millions are currently using Mobikwik application for their online recharges and here are some of its popular features:

M-WALLET:   It’s a virtual wallet introduced by Mobikwik for easy storing and transactions of the money.

SECURE TRANSACTIONS:  As the user’s bank account is linked with their Mobikwik account, the transactions are encrypted and are made highly secure.

ONLINE SHOPPING:  You can easily do your shopping from over 5000 websites with your M-wallet.

OFFER AND DEALS: It provide various types of offers which is very attractive to the customers.

USER FRIENDLY MOBILE APP: This app is available for iOS, Android and Windows platform.

MONEY TRANSFER (coming soon): This unique feature is soon to be introduced into the multi-featured app.

“Mobikwik is an easy mobile phone based payment system and digital wallet. Customers add money to an online wallet that can be used for payment. This is perfect for the digitized India.” said one of its users and ranked it with four stars.

Due to its top-notch services and user friendly UI, it was appreciated by mBillionth South Asia Award in the category of Mobile Business, for socially valuable contributions to South Asia’s digital infrastructure.

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