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Digital financial services platform MobiKwik has launched credit card payment services on its MobiKwik App, seeking to bring better user experience for its 100 million users.
To begin with, this feature will be available for all Visa credit cards irrespective of the bank that has issued the card. This facility will go live across all Android users by next week.
“Our aim is to convert 2-5 per cent of the credit card spend market. Even at 3 per cent, we are looking at a ₹1,200-crore opportunity which is a good number to go after,” Upasana Taku, Co-founder, MobiKwik, told BusinessLine here.
The total credit card spend from about 33 million credit cards in the market stood at about ₹45,000 crore per month. This was almost the same as the spend from over 800 million debt cards in the market.
“We want to make it easier for our App users to make their credit card bill payments. They now don’t need to go to the websites of the banks or credit card companies. This will give a simple and convenient user experience for our App users”, Taku said.
MobiKwik has about 17 million credit cards saved on its platform and a significant of them are active on a monthly basis.
“We are expecting all those who have saved their credit cards with us to pay through our platform. They don’t even have to enter the credit card number. We expect all of them to use this feature over next 3-6 months”, Taku said.
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