Close the transaction gap with MobiKwik mobile app

MobiKwik is not just another payment application that users can download on their smartphone and use to pay for consumed services and purchased products. MobiKwik enables users to make secure, fast and effortless online payments.

A digital banking solution for millions

Your hard-earned money must be saved, down to the last penny, but there is always a gap between what you are looking for and what you can achieve. Managing both ends of your spending becomes a struggle for middle-class families; managing savings can be an even bigger struggle.

According to a recent study from 2019, around 80% of Indians have a bank account. However, in 2011, only 35% had an account at banks. In the middle of all this comes MobiKwik, an application that is easy to download on a smartphone and operate with ease, with just a few movements of your fingers.

became a digital bank for Indians with little banking in 2019 as the application progressed to become the only platform for direct access to the bank account, using the platform to pay for all kinds of services and purchases, accessing instant loans and mutual funds, wealth management, buying and selling of digital gold and more. MobiKwik enables its more than 101 million customers to experience cutting edge and cutting edge services similar to 21S texperience of a century and not a web-based or branch-based experience.

Kwik Save: a unique feature for low-risk savings

In 2019, MobiKwik had 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 in the domain of wealth management to help users grow their assets and save taxes. The move was a formal announcement of MobiKwik’s plans to become a full FinTech company and began its foray into wealth management.

Today, the ever-growing giant app is associated with thirty-six fund houses that offer their users freedom to choose from among the top fund houses to invest in. All of the biggest 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 the promise of higher returns on savings bank accounts or even fixed deposits. Annual interest on the savings account is usually between 3.5% and 4%. The documentation process or the initial procedures related to the investment is very simplified, fast and easy to understand. In a matter of minutes, the user is ready to begin their investment process, thanks in large part to MobiKwik’s robust back-end features that help process investment almost instantly.

The same happens when users have to amortize their investments. While the traditional process takes around a day or two, with Kwik Save, money redeemed * is instantly transferred to the user’s bank account in seconds. And, with the MobiKwik application, the user can request the redemption at any time of the day, 24×7. Some of the key features of Kwik Save are:

● Users can withdraw money from their bank account 24 hours a day, 7 days a week.

● * Can withdraw up to INR 50,000 per day or 90% of current investment value, whichever is less.

● Kwik Save is a product that facilitates savings and withdrawals with ease and convenience for end users and encourages them to begin their investment and savings journey.

The target market for this innovative wealth management product has typically been the younger tech-savvy generation, those who have embraced digital payment with enthusiasm and vigor. Many of them are shy to invest or are investing for the first time and therefore have their doubts and are not very sure of investing. Most of them are wary of lockdown periods and lengthy swap periods. Compared to this, the key strength of Kwik Save is its faster response time and minimal paperwork.

Save money using the MobiKwik payment app

Users who are not yet ready for wealth management strategies and investments, such as college students, retirees, salaried employees, etc., can still save and grow their wealth with regular use of the MobiKwik app. It is necessary to use the application regularly to make digital payments against services and products. For example –

● By using MobiKwik to pay for daily basic services like groceries, vegetables, etc., you can get discount coupons and cash back.

● Similarly, when they use the MobiKwik digital wallet to buy online or reserve airline tickets, hotel rooms, pay utility bills, recharge mobile phones and DTH, etc., they can still earn rebates and get discounts on other services from other merchants.

● MobiKwik also has a “Recommend and win” policy. It works like this: when users refer MobiKwik to their acquaintances, friends and family, they can earn in the form of a cash bonus that is deposited directly into the user’s account as a reward.

In one word

Saving is essential: the more you save, the more secure your future will be. With the MobiKwik application, users can save small amounts with regular use as a paid application. These small amounts add up to become good savings at the end of the year.

When it comes to investing, it is understandable that there are several reasons why people are hesitant to put their money in mutual funds or make investment decisions. With Kwik Save, MobiKwik has taken a progressive step to remove many obstacles an ordinary person faces during the investment cycle, giving hope and reasons to start saving and managing your wealth in a meaningful way. Download today and start your investment and savings journey today!

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Posted on: Friday Dec 24, 2021 11:09 am IST

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