MobiKwik, Bajaj Finance join hands for India's first debit-credit wallet

Indian wallet major, MobiKwik entered into a strategic tie-up with non-banking financial company, Bajaj Finance Ltd, to launch India's first debit and credit wallet, which will enable the consumer to avail instant purchases and payment option via a credit facility through the app.

"We aim to combine the synergies of both the organizations, deep rooted customer analytics and extreme focus on digital-oriented eco-system and will make this a disruptive proposition amongst our existing products. Bringing in debit and credit option in one app will facilitate stronger customer convenience, stimulating higher spends," said MD, Bajaj Finance Limited, Rajeev Jain.

It is the first of its kind in India to extensively use "mobile first" technology to offer credit facility to consumers and millennials, who are fuelling a growing demand of digital wallet transactions that has grown phenomenally especially after the landmark demonetisation initiative announced by Government of India in November 2016.

"Our partnership with Bajaj Finance Limited will enable us to realise our vision of performing all the functions of bank yet retain our core competency of being India's leading e-wallet and we strongly believe that this combined value proposition will attract millions of new customers to choose wallet led mobile banking transactions. In short, Mobikwik transforms itself as a new-age bank where our digital transactions will lead to lowering of lending rates and increased supply of money in the Indian economy," said CEO, Mobikwik, BipinPreet Singh.

The Industry estimates that mobile wallet service will contribute up to 30 per cent share in mobile payment volume transactions in financial year 2017.