Many customers personally go to kiosks or counters to get mobile/ DTH recharge to ensure it gets done in front of them. Do you think security and completion of payment of bills and recharging will be a challenge to convert customers?
There used to be a time when people would buy train tickets by going to the railway stations. Then came local travel agents where you could book tickets. Today most people book train tickets from the comfort of their homes, and IRCTC server is overloaded. Same thing has happened with flight tickets, movie tickets and bus tickets and is happening now with mobile/ DTH recharge and bill payments. A recharge is a digital good or service for which internet/ mobile are perfect mediums of delivery. Challenge is in ensuring payments go through, which is what Mobikwik closed Wallet is focussed on.
Wi-Fi speed, Internet connection hanging and hacking are concerns that bother customers. Do you think while you are bringing technology to people, the pre-existing quality of 2G and 3G in mobiles will be a challenge?
Mobikwik closed Wallet is in fact designed to counter all these challenges including slow Internet speed (especially on mobile) and security of transactions. A user can add funds to his closed wallet using Visa/ Master Credit Cards, Debit Cards and 54 banks. All this is powered by cutting-edge fraud detection and risk management technology developed in house by expert engineers. So, for example a lot of Mobikwik users add funds to the closed wallet during the day when they have broadband connection in office/ school/ college. With money in the closed wallet, they can recharge their cellphones using SMS, IVR or mobile App without going through tedious payment mechanism and without requiring very good Internet speed. Going forward, the same user could buy products at Flipkart, Snapdeal or McDonalds using the same convenience.
What kind of growth do you forecast for MobiKwik's e-commerce venture?
Since inception, we have done a topline of 75 crores. We currently grow 30% month over month. We want to reach out to 945 million mobile users in the country. For users who are getting on the web for the first time using their mobiles – the exhilaration of being able to pay and purchase something is life changing! That’s why we have a very loyal user base.
Why do you think people will choose MobiKwik if they can use Internet banking or deal directly with the company to which a bill or a payment needs to be done?
There are many reasons but major ones are convenience, trust and offers.
Convenience – Mobikwik closed Wallet gives a user an option to use Internet Banking of 54 banks, all debit cards, credit cards or even cash ( using CashPay) to pay for recharge and bill payments. The payment experience is optimized for the mobile, so you can pay through mobile site m.mobikwik.com or choose to pay via our Android App. The interface of most banks and billing companies does not work very well on Internet, and less so on mobile. Also, as users evolve they want to pay all their bills at the same location, and not 10 different websites each with their own passwords and username. As explained above, the closed wallet also allows payments through SMS and IVR, something which is missing with banks and billing companies.
Trust - Mobikwik has earned trust from the consumers with its quality of service backed by a well-staffed operations team. So if your recharge fails, you can contact our customer support and your problem is resolved in 24 hours. Most banks and billing companies do not have a great customer interface backed by technology. All Mobikwik transactions undergo a real-time check to detect fraud and identify and block such users on a daily basis. All these add up to create trust with the Mobikwik Brand.
Offers - With every payment at Mobikwik, a user can get exclusive offers from different merchants including travel, shopping and food and beverages. For example, right now you can get 20% off on Jabong.com or 15% Off on Dominos Pizza or Rs 150 off on Yebhi.com and lots of other such discounts.