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Mobile-wallet operator MobiKwik is firming up plans to offer financial services through its platform.
According to Vineet K Singh, Chief Business Officer, MobiKwik, the company may explore co-branded or third-party offerings across a range of financial services, including insurance products and mutual funds. “We are still firming up plans and working out the details of the products we intend to introduce. By next quarter (April-June), we will launch these offerings,” he said.
As Singh maintains, the idea is to be a “financial services supermarket” in the coming days with a bouquet of offerings.
Introduction of such third-party financial services will help MobiKwik earn additional fee-based income. Currently, the e-wallet earns fee-based income mostly from settlement of merchants’ transactions.
While MobiKwik cannot pay interest on the wallet balance that its customers keep, the cash-back schemes are said to act as an incentive for customer retention.
The e-wallet firm, which competes with the likes of Paytm and Centre’s BHIM app, has set itself an aggressive growth target for 2017.
It is looking at a three-fold increase in customer base — to 150 million from the existing 50 million — and Gross Merchandise Value — to $10 billion — by December. It is also targeting an increase in its merchant base to 5 million, up from the existing 1.4 million.
“These are very achievable numbers,” Singh said, adding that while the company was strong in North and West India, it is strengthening its presence in the East and the South.
MobiKwik has already announced that it will pump in ₹300 crore towards customer and merchant acquisition. “A part of this will be from existing funds or internally; the remaining will be done through a new round of funding.”
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