Online payment wallet MobiKwik has partnered with WHSmith India to enable digital payments at its offline outlets, the company announced today.
Founded in 2009, MobiKwik provides a payment wallet that currently enables 17 million users to transact with 50,000 retailers. It is currently focusing on expanding its offline presence, most recently tying up with BigBazaar and Cafe Coffee Day.
"We are proud to play a leading role in mainstreaming mobile wallets in India by making them accessible at offline outlets. Mobile payment has considerable potential to disrupt Indian retail and we aim to create many more such partnerships for mobile wallets to replace cash and cards," said founder and CEO Bipin Preet Singh. According to a recent report by Motilal Oswal, mobile wallet usage in 2015 grew 200% from last year to reach 3 crore, and is set to reach 15 crore by 2019.
Under this partnership, each WHSmith store will act as a "MobiKiwk Node" where users can not only pay for their purchases but also load money on their wallets. MobiKwik envisions that in the future, local kirana stores would accept payments with MobiKwik wallets, where the retailers' smartphones function as POS machines. According to MobiKwik, only 0.7 million out of 30-40 million SMEs in India accept electronic payments.
"Mobile wallets are the next big game changers in the payments space and offers great possibilities for retail in India. They fasten the payment process as well as make it more convenient and secure," said Arun Barathi, CEO of TNSI Retail Pvt Ltd, WHSmith's franchisee in India. WHSmith is the largest bookseller and newsagent in the UK and currently has 55 stores in Delhi and Mumbai.
Related Tags:Online payment wallet, MobiKwik, WHSmith India, offline outlets, BigBazaar, Cafe Coffee Day, Delhi