Bajaj Finserv, through its lending arm Bajaj Finance Ltd announced the launch of its mobile application – Bajaj Finserv Wallet in partnership with MobiKwik. The Bajaj Finserv Wallet app offers all the features and benefits of the Bajaj Finserv EMI card, said company. The Bajaj Finserv wallet is available to all existing and new customers of both the brands – Bajaj Finserv and MobiKwik. The wallet helps customers to access their Digital EMI cards, make and collect payments, pay bills, book bus tickets, avail offers, search nearby stores. Currently, Bajaj Finserv has 9.8 million EMI card customers and an overall franchise of 21.69 million customers, while MobiKwik has a 65 million customer base.
“This is a strategic step for us to complete our payment ecosystem, thus enabling exponential customer experience and giving them additional means to pay the way they want,” said Rakesh Bhatt, COO, Bajaj Finance Ltd. The Bajaj Finserv Wallet comes pre-loaded with Digital EMI card which means that the customers no longer need to carry a physical card. It increases security against any fraudulent transaction and makes it easy to block or unblock the card, increasing the ease of transaction.
The Bajaj Finserv Wallet app enables customers to make digital payments across India on MobiKwik’s merchant network and Bajaj Finserv’s distribution network. It also provides nearby capability search option which indicates the nearest Bajaj Finserv’s distribution point or the closest Mobikwik Merchant Network outlet across categories like gadgets, clothes, travel, groceries and small appliances, power backup, holiday packages, accessories, education, watches.
“India’s fast paced journey to becoming a cashless nation today received another push with the launch of country’s first credit wallet. The Bajaj Finserv-MobiKwik wallet will allow users to fulfil their buying needs on credit and have an even cheerful festive season,” said Upasana Taku, Co-founder, MobiKwik.
Bajaj Finance Ltd has recently subscribed to 10 equity shares and 271,050 compulsory convertible preference shares (CCPS) for a consideration of approximately ₹2,250 million. This investment in MobiKwik is intended to support Bajaj Finance Ltd’s existing lines of businesses and to be used to develop front-end application for users availing financial services, said company.