The company has over 30 million wallet users in the country and their number is growing at 250% per year. MobikWik expects to have 70 million users by the end of 2017 according to moneycontrol.com.
To avail the 6% annual return, users have to maintain an average of INR 5,000 (USD 74) or more in their wallets per month. Profits will be credited to MobiKwik accounts users on a monthly basis only. This would mean a user maintaining a monthly balance of INR 5,000 a month would get a reward of INR 25 (USD0.37) per month in his/her wallet.
The announcement is part of the companys plan to expand its services across instant micro loans. In recent news, MobiKwik had started offering instant micro loans to wallet users running short on balance as part of its efforts to boost digital payment usage in the country.
The company had recently raised USD 50 million in funding, led by Japanese payments firm Gateway and Taiwanese chip maker MediaTek. Its other investors include Sequoia Capital and Treeline Asia.
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