India’s largest mobile payments network MobiKwik announced six per cent of annual profit on wallet balance for its users, which will enable the users to get higher profits than institutional savings on their mobile wallet balance.
According to a ANI report: MobiKwik’s exclusive six per cent profit club caters to over 30 million users, nationally. A fintech pioneer in India, MobiKwik is growing at the rate of 250 per cent per year and is expected to cater to 70 million users by the end of 2017.
Calling the announcement as a revolutionary transformation, the company’s co-founder Upasana Taku said that the announcement marks the revolutionary transformation of MobiKwik into a digital institution that will help fulfill every Indian’s end to end financial needs by offering micro loans, profits on wallet balance and cashless transactions.
“Our mission is to enable users to pay, save, borrow and invest, all using their MobiKwik mobile wallet,” Upasana Taku was quoted by ANI as saying.
To avail six percent annual profit, users need to maintain an average of Rs. 5000 or more in their MobiKwik wallets per month. Profits will be credited to users’ MobiKwik accounts on a monthly basis only.
The announcement is part of the company’s plan to expand its services by offering solutions such as: instant micro loans. MobiKwik is also working on reaching out to over 233 million unbanked Indians who do not have cards or bank accounts and digitizing their cash experience by initiatives such as cash pick-up and more.