MobiKwik is in process of adding 10-12 other similar banks and non-banking finance companies for the service. As part of the lending process, the company assesses the credit worthiness of the wallet users based on the previous transaction history. Mobikwik has already given micro loans to about 25,000 users and the repayment rates are around 97%.
Mobikwik is also working on bringing aboard users that do not have cards or bank accounts, and gives customers an option to request cash pick-ups. The company has 80,000 outlets where consumers can go and deposit cash on to the Mobikwik wallet and a network of cash pick-up services in Delhi, Mumbai, Bengaluru and Jaipur.
Mobikwik, which has about 30 million wallet users, has recently raised USD 50 million in funding, led by Japanese payments firm Gateway and Taiwanese chip maker MediaTek. Its other investors include players like Sequoia Capital and Treeline Asia.
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