August 5, 2015
MobiKwik Mobile Wallet to Power 20 Walmart Best Price Stores in 9 states to enable payments by Small Businesses and Kirana Stores
MobiKwik, India’s largest independent mobile payment solution, announced that it will power 20 of Walmart’s Best Price Modern Wholesale stores in nine states. Under this partnership, MobiKwik will be the exclusive mobile payments partner to Walmart, offering members of its Best Price program, which comprises of small businesses and kirana stores a secure, swift and convenient payment option across channels.
The MobiKwik mobile payment solution will allow instant one-tap payments for transactions placed through the Best Price mobile app, and will also allow its users to make payments via the MobiKwik wallet on the Walmart Best Price website and in the physical stores.Further, by using the MobiKwik wallet, users will be able to get instant refunds, which is currently done manually and takes 7-10 days.
Speaking about the tie-up with Walmart India, BipinPreet Singh, Founder & CEO, MobiKwik said, "With this partnership, together Walmart and MobiKwik are bringing the power of mobile payments to the lakhs of small businesses and kirana stores in India. Besides making payments via the wallet, Best Price members who use MobiKwik will get refunds and incentives from Walmart instantly in their wallets. Members will also be able to load cash into their MobiKwik Wallets to make purchases via the Best Price mobile app. Mobile is now the fastest growing channel for the Indian economy and we are happy to be a part of the Walmart India mobile story. This is just the beginning and we expect the partnership with Walmart to expand in to next level of payment and financial services for BestPrice members in the coming months."
Scott Price, President and CEO, Walmart Asia, said Our new mobile app will give Best Price members a personalized and seamless shopping experience. We understand not just what customers want and need, but also where they want it and how they want to experience it. With our size and scale in India, we can serve customers quickly and more effectively with the whole range of channels we are offering.
Even as smartphone and Internet penetration, including web access through the mobile rises rapidly, less than 5% of India’s 50 Million small and medium businesses have an online presence. MobiKwik is committed to developing solutions that can support the successful transition of such businesses to mobile and digital commerce.
MobiKwik is India's largest independent mobile payments network connecting 17 million users with 50,000 retailers. MobiKwik enables users to discover retailers (brick-and-mortar stores, e-com websites, m-com apps, billers, telcos) and then start paying them with 1-tap.
MobiKwik is powering payments for Uber, Meru Cabs, Big Bazaar, WHSmith India, Café Coffee Day, PVR, BookMyShow, Domino's, Pizza Hut, Star Sports, GoDaddy, eBay, ShopClues, Myntra, Jabong, Pepperfry, HomeShop18, MakeMyTrip, Cleartrip, and Yatra. The company has raised close to $30 million in funding till now from Sequoia Capital, American Express, Tree Line Asia, and Cisco Investments.
With MobiKwik, users load money into the wallet once using cash, loyalty points, debit card, credit card, and netbanking to make secure 1-tap payments for purchases. Most MobiKwik users make 10 purchases every month using their wallet balance across diverse use cases such as recharge, bills, food, travel & cabs, shopping, entertainment, etc. Users also transfer money to wallets and bank accounts of friends and family using MobiKwik. Users today enjoy MobiKwik wallet services on Android, Windows and iOS mobile applications and on MobiKwik.com.
MobiKwik aspires to be the largest source of digital transactions in India. The company’s goal is to power $5B in payments between 150M users and 500,000 retailers. MobiKwik has also applied to RBI for a Payments Bank license in February 2015.
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