MobiKwik is not just another payment app that users can download to their smartphones and use to pay for services consumed and products purchased. MobiKwik enables users to make secure, fast and effortless online payments.
A digital banking solution for millions
Your hard-earned money should be saved, right down to the last penny, but there is always a gap between what you are looking for and what you can accomplish. Managing both ends of their spending becomes a struggle for middle class families; managing savings can be an even bigger struggle.
According to a recent 2019 study, around 80% of Indians have a bank account. However, in 2011, only 35% had an account with banks. In the middle of it all comes MobiKwik, an app that is easy to download to a smartphone and to use with ease, with just a few movements of your fingertips.
became a digital bank for these underbanked Indians in 2019, as the app became the sole platform for direct access to bank account, using the platform to pay for all kinds of services and payments. ‘shopping, accessing instant loans and mutual funds, managing wealth, buying and selling digital gold and more. MobiKwik enables its more than 101 million customers to benefit from cutting-edge and cutting-edge services that are akin to 21st– century of experience, not web based or branch experience.
Kwik Save – Unique feature for low risk savings
In 2019, MobiKwik entered into a strategic partnership with Reliance Nippon Life Asset Management offering Kwik Save, a mutual fund offering where users can invest in low risk funds with their savings. The company’s first acquisition also followed the same path. ClearFunds, a Mumbai-based wealth management company, was acquired to expand into the wealth management business to help users grow their assets and save taxes. The move was an official announcement of MobiKwik’s plan to become a full-fledged FinTech company and began with its foray into wealth management.
Today, the ever-growing giant app is associated with thirty-six fund houses giving its users the freedom to choose from the leading fund houses for investment. All the big names in the finance industry are part of this association. Some of the names are – Aditya Birla Capital, BNP Paribas Mutual Fund, Axis Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Franklin Templeton Investments, Indiabulls, LIC Mutual Funds, and more.
There is a promise of higher returns on savings accounts or even term deposits. The annual interest rate on the savings bank account is usually between 3.5% and 4%. The documentation process or the initial procedures involved in investing are very simplified, quick and easy to understand. Within minutes, the user is ready to start their investment process, thanks in large part to MobiKwik’s robust back-end features that help process the investment almost instantly.
The same is true when users have to redeem their investments. While the traditional process takes about a day or two, with Kwik Save the redeemed money * is instantly transferred to the user’s bank account within seconds. And, with the MobiKwik app, the user can request a refund at any time of the day, 24/7. Some of the key features of Kwik Save are:
â Users can withdraw money to their bank account 24/7.
â * They can withdraw up to INR 50,000 per day or 90% of the current value of the investment, whichever is lower.
â Kwik Save is a product that makes saving and withdrawing with ease and convenience easy for end users, encouraging them to get started on their investment and savings journey.
The target market for this innovative wealth management product has typically been the tech-savvy younger generation – that is, those who have embraced digital payment with enthusiasm and vigor. Many of them are hesitant to invest or are investing for the first time and therefore have doubts and are not too sure to invest. Most of them are wary of blocking periods and time-consuming redemption periods. Compared to this, the key strength of Kwik Save is its faster turnaround time and minimal paperwork.
Save money using the MobiKwik payment app
Users who are still not ready for investments and wealth management strategies like students, retirees, employees etc. can still save and grow wealth through regular use of MobiKwik app . One should use the app regularly to make payments digitally for services and products. For example –
â By using MobiKwik to pay for daily essential services like groceries, vegetables, etc., one can get coupons and cash back.
â Likewise, when they use the MobiKwik digital wallet to shop online or book airline tickets, hotel rooms, pay utility bills, top up cellphones and DTH, etc., they can still earn cash back rewards and get discounts on other services from other merchants.
â MobiKwik also has a âSponsor and Winâ policy. It works this way – when users refer MobiKwik to their acquaintances, friends and families, they stand to gain in the form of a bonus cash which is deposited directly into the user’s account as a reward.
In a word
Saving is essential – the more you save, the more secure your future is. With MobiKwik App, users can save small amounts with regular use as a payment app. These small sums add up to become a good, healthy economy at the end of the year.
When it comes to investing, it’s understandable that people are reluctant to invest their money in mutual funds or make investment decisions for a variety of reasons. With Kwik Save, MobiKwik has taken a progressive step by removing many obstacles that an ordinary person faces during the investment cycle, giving hope and reason to start saving and managing their wealth in a meaningful way. Download it today and start your investment and savings journey today!
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Posted on: Friday December 24, 2021 11:09 am IST