Digital payments platform MobiKwik has announced a strategic partnership with Home Credit India, a local arm of the international consumer finance provider Home Credit Group to launch 'Home Credit Money.' The Gurugram-based company in a blog post explains that the Home Credit money enables users to avail instant interest-free loan ranging from Rs 1,500 to Rs 10,000 directly into their MobiKwik wallet. Users with MobiKwik wallet can then transact across leading e-commerce platforms, three million physical retailers, and 300+ billers. They also make QR payments, bill payments or transfer money with Home Credit money via MobiKwik wallet.
MobiKwik further states that partnership with Home Credit India is purely digital and is in line with the government's Digital India campaign. "Built with the vision to build a Digital Credit card for 100 million Indians, MobiKwik believes the form factor for delivering on the India Credit opportunity is going to be digital and not a physical card," the company adds. Notably, existing Home Credit customers on MobiKwik app do not require any physical documentation to enjoy the service. Additionally, the customers can also avail personal loans of up to Rs 2,40,000.
Speaking over the development, Upasana Taku, co-founder and COO at MobiKwik said in a press note that, "We believe that a digital wallet is the most suited platform to distribute small-ticket loans to the users as they can easily avail the money with zero documentation hassles. By stitching a credit line to user's mobile wallet we create a virtuous circle of Consumers using Digital Credit and Digital Payments for their daily shopping."
Marko Carevic, chief marketing and customer experience officer, Home Credit India lauded its partnership with MobiKwik and said that the tie-up is a significant step towards taking customer engagement and experience to a new level. "With MobiKwik’s robust ecosystem, and capability to keep customers engaged with its large merchant network, we hope to create many more unique and customized products to address unmet financial needs of millions of customers in India," Carevic added.