Bajaj Finserv on Tuesday announced the launch of its mobile application 'Bajaj Finserv Wallet' in a strategic partnership with MobiKwik.
Powered by India's largest issuer-independent digital financial services platform, MobiKwik, the Bajaj Finserv Wallet app will offer all the features and benefits of the Bajaj Finserv EMI card creating a cost-effective, secure and personalized ecosystem.
Available for all existing and new customers of both Bajaj Finserv and MobiKwik, the wallet will offer a combined value-proposition to the customers by enabling them to access their Digital EMI cards, make and collect payments, pay bills, book bus tickets, avail offers, search nearby stores etc. instantly and seamlessly on a real-time basis.
However, Bajaj Finserv currently has 9.8 million EMI card customers and an overall franchise of 21.69 million customers, while MobiKwik has a 65 million customer base.
"This is a strategic step for us to complete our payment ecosystem, thus enabling exponential customer experience and giving them additional means to pay the way they want," said COO Bajaj Finance, Rakesh Bhatt.
Upasana Taku, co-founder MobiKwik on the other hand believes that India's fast paced journey to becoming a cashless nation today receives another push with the launch of country's first credit wallet.
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"The Bajaj Finserv-MobiKwik wallet will allow users to fulfill their buying needs on credit and have an even cheerful festive season," added Taku.
Adding to this she said that collaborations will play a huge role in our evolution into a leading digi-finance platform, and by 2022.
"MobiKwik will be empowering a billion Indians with one tap access to payments, savings, investments and lending. The company is today impacting 260 million lives," added Taku.
The new Bajaj Finserv Wallet comes pre-loaded with Digital EMI card which means that the customers no longer need to carry a physical card. It increases security against any fraudulent transaction and makes it easy to block or unblock the card, increasing the ease of transaction.
The wallet app will enable customers to make digital payments across India on MobiKwik's two million+ merchant network and Bajaj Finserv's distribution network of more than 33,000 outlets on 'No Cost EMI.'
However, it will also provide nearby capability search option, which indicates the nearest Bajaj Finserv's distribution point or the closest Mobikwik Merchant Network outlet across categories like gadgets, clothes, travel, groceries and small appliances, power backup, holiday packages, accessories, education, watches, etc.
Bajaj Finance recently subscribed to 10 equity shares and 271,050 compulsory convertible preference shares (CCPS) for a consideration of approximately Rs. 2,250 million.
The company's investment in MobiKwik is intended to support Bajaj Finance Ltd's existing lines of businesses and to be used to develop front-end application for users availing financial services.
Disclaimer: No Business Standard Journalist was involved in creation of this content
