MobiKwik is a digital wallet that focuses on recharges and bill payments. In practice, this makes it pretty similar to the Paytm app, which most people might already be familiar with. The difference is that it doesn't include an e-commerce marketplace, and focuses only on these transactions, and there's a lot of importance given to the speed with which you can carry out your transactions, even on low-speed data connections. Having used the app for over a month now, it has been a very convenient way to pay various bills, and its use is not just limited to bills you pay online either, with offline partners like WH Smith and Big Bazaar.
You can also send the money in your Mobikwik wallet to your bank account immediately using the Immediate Payment Service ( IMPS) - all you need to do is enter the account name, account number, and IFSC code. This can be used to send money to other people as well, if you want to. The minimum transfer is Rs. 500, and Mobikwik also charges a processing fee of 4 percent for bank transfers; or you could send the money to the recipient's MobiKwik wallet, and all you need is the other user's phone number or email ID. The only thing missing now is that you can't send money to other wallets - so someone who is using a Paytm wallet is not connected to you, for example. But that's the case for all wallets out there, so it would be unfair to single Mobikwik out.
The offline payments are a big draw of using MobiKwik though. For instance, Cafe Coffee Day accepts payments via MobiKwik, and the process is fairly simple. Once you're ready to pay your bill, just tell the staff that you will be paying using the MobiKwik App, and give them your phone number. Whenever we tried this, an OTP was sent to the phone and once you give that to the cashier, the payment is done without any delay. The whole process was not any longer or more complicated than using a debit card, and entering a PIN.
