Micro-ATMs to fin services: Digital wallets trying to break payments mould

From facilitating loans to providing micro-ATMs in rural areas, wanting a bigger role than that of being just a mobile wallet, digital money providers Paytm, MobiKwik and others are expanding, pivoting and transforming their core business model in hopes of becoming a complete financial services solution. 

While digital money companies went all out to promote their mobile wallets last year after demonetisation, with the arrival of new players such as Amazon Pay, Google Tez and Flipkart’s PhonePe, companies are now changing their business pitch.

MobiKwik, which has over 65 million users and 2 million merchants, is using its database to promote financial