January 5, 2016
- Power Wallet technology delivers near-100% success rate in processing payments
- In the 1st phase IRCTC, OYO Rooms, PVR Cinemas, Zomato, Meru Cabs, Big Bazaar, etc. integrated MobiKwik’s Power Wallet API
- Company in talks with other retailers now to deploy the new technology
New Delhi, [Press Release] : MobiKwik which is India's largest independent mobile payments network has now opened up access to its patent-pending Power Wallet interface that offers near-100% success rate in processing mobile wallet payments. The industry average for successful payments is around 60%. Power Wallet API has been integrated by MobiKwik retail partners such as OYO Rooms, PVR Cinemas, Zomato, Meru Cabs, Big Bazaar, WHSmith India, and Archies. It is also deployed on IRCTC’s mobile app, where MobiKwik is the first payment option. The company is now in talks with other retailers to integrate the new payment technology on their platforms.
It is the Power Wallet’s one-time user authentication process that makes it easier to transact as users need not enter their credentials repeatedly for subsequent payments.
Commenting on the innovative payments interface, Bipin Preet Singh, Founder & CEO, MobiKwik said, Our latest innovation, Power Wallet, gives retailers a platform that delivers near-100 percent success rate in processing payments. The scalable interface is easy to integrate across multiple retailer platforms and is an ideal solution for merchants looking for a quick-to-deploy, omni-channel digital payment mechanism.
Lauding the efforts made by MobiKwik to enhance the user experience, Anurag Gaggar, VP –Product Management, OYO Rooms said, OYO App users can attach their MobiKwik wallet to their account and seamlessly pay for their bookings at any point in time before check-out using just a single tap and not having to enter any user id, passwords. The payment success rates are close to 100%, if there is sufficient money in the wallet and it saves time too.
When retailers integrate MobiKwik's Power Wallet interface, users get to make the payment from within the retailer's platform and no re-direction to MobiKwik is required, making the payment process completely seamless. With one-time integration, the Power Wallet is activated across the retailer's website, mobile website, apps, and offline point-of-sale terminal. It is highly customizable and easily adapts with the retailer's existing infrastructure, positioning MobiKwik as a very effective omni-channel payments partner for retailers. The interface being highly scalable offers superlative transaction experience even during high load and sudden surge in traffic on the retailer’s platform.
MobiKwik is disrupting the payments space further by creating an offline retail network of more than 200,000 merchants across India that will serve both, as points for cash loading into the wallet and for wallet payments acceptance. Other popular brands currently using MobiKwik’s services include for Uber, BookMyShow, Grofers, Big Basket, Domino's, Pizza Hut, eBay, ShopClues, Myntra, Jabong, Pepperfry, Star Sports, GoDaddy, MakeMyTrip, Cleartrip, and Yatra.
MobiKwik is India's largest independent mobile payments network connecting 25 million users with 50,000 retailers. It 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 IRCTC, Uber, Meru Cabs, Big Bazaar, OYO Rooms, Zomato, Café Coffee Day, PVR, Archies, WHSmith India, BookMyShow, Grofers, Big Basket, Domino's, Pizza Hut, eBay, ShopClues, Myntra, Jabong, Pepperfry, Star Sports, GoDaddy, 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 online or offline purchases. Most MobiKwik users make 10-12 purchases every month using their wallet balance across diverse use cases such as recharge, bills, food, grocery, 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.
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