India's largest independent mobile wallet with over 35 million users and a network of over 100000 merchants MobiKwik has announced that it will be offering 'MobiKwik on delivery' option for e-tailers to replace 'Cash on Delivery' and overcome the challenges being faced by the phasing out of Rs. 500 and Rs. 1000 notes.
Currently, MobiKwik supports cashless payments at Myntra, Jabong, Big Basket, Grofers, ZopNow and many other leading online retailers.
"Cash has lost its credibility and people will vary from keeping much cash in hand and transacting with it. MobiKwik on delivery will address the challenges being faced by e-tailers in operating the cash on delivery service. Users can pay with MobiKwik, after receiving the delivery of their products," said COO MobiKwik, Mrinal Sinha.
The service is being offered by MobiKwik, pan India and e-tailers can add 'MobiKwik on Delivery' to their platform right away.
MobiKwik also registered over 2000 percent increase in add money since the announcement of currency notes ban. The company has seen tremendous growth in merchant requests and user transactions as well.
"The announcement of discontinuation of Rs. 500 and Rs. 1000 notes is a mind-blowing initiative taken by Prime Minister Narendra Modi to curb black money in India. This is the biggest surgical strike on the menace of cash ever heard of anywhere in the world. This is a historic policy change and will do down in democratic India's history as more impactful than the economic reforms of 1990's," said CEO and Co-founder MobiKwik, Bipin Preet Singh.
The boldest initiative till date in revolutionizing payments came as a surprise on November 8, 2016, when Prime Minister Narendra Modi announced phasing out of Rs. 500 and Rs. 1000 currency notes. However, the move has been well accepted by users and merchants across India and will be a milestone in addressing the black money issue in India.
"Aligned with PM Modi's objective of preventing money laundering, we at MobiKwik have always aimed to encourage our customers to do cashless transactions. It is not only easier in keeping a track of transactions when money is exchanged online but will also help the government in ending crime and tax evasion. This long overdue change is finally made and will certainly boost our economy as a whole," added Bipin.