MobiKwik launches SaaS-based solution ‘Magic’

Priyanka Pani Mumbai | Updated on February 06, 2018

Bipin Preet Singh, CEO, Mobikwik

The solution is a suite for end-to-end corporate processes, including employee benefits

MobiKwik, a digital wallet and a digital financial services platform, has launched a SaaS based solution for end-to-end corporate processes, rewards and reimbursements. Called Magic, the product is aimed to reform the employee benefit and reimbursements process by eliminating the constant challenges faced by both the employer and the employee.

​Mobikwik in a statement said that the employee benefit and reimbursements industry in India is estimated at ₹51,600 crores and is largely paper based​.

Mobikwik wants to revolutionise th​e space with its pioneering digital enterprise solutions suite, thereby supporting corporates in saving time and resource costs.

The product offering includes employee benefits such as reimbursements for food, fuel, medical, phone, LTA and other company benefits — all accessible digitally for both corporations and employees on the MobiKwik app.

“Today, with the launch of Magic, we introduce a technology based revolution that will ease corporate processes, thereby simplifying lives of millions of employees in India. Magic makes the disbursal of employee benefit fast, simple and more efficient than ever. We aim to eliminate the estimated processing cost of ​​₹60 million for organisations, and benefit over 5 million users by 2020.” said Bipin Preet Singh, Co-founder and CEO, MobiKwik.

Organisations have realised the importance of digitising their paper based processes in order to save time and resource costs, as well as maintain a high level of employee satisfaction.

MobiKwik has partnered with a few leading top corporates across sectors to digitize their corporate processes. With an easy on-boarding process for the companies, MobiKwik Magic can be used across the 3 million merchant network and offers instant payment with turn-around-time as less as 24 hours.

Bikram Singh, Business Head and Senior Director, MobiKwik, said: “With several new developments such as UPI as well as the launch of the ‘Digital India’ campaign in conjunction with Fintech players already live in the Indian payments ecosystem, the vision of a digitally-driven Indian economy is fast becoming a tangible reality.​”

Published on February 06, 2018

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