The MobiKwik digital payment platform has announced a strategic partnership with Home Credit India, a local arm of the international consumer credit provider Home Credit Group to launch “Home Credit Money”. The Gurugram-based company explains in a blog post that the mortgage money allows users to take an instant interest-free loan ranging from Rs 1,500 to Rs 10,000 directly into their MobiKwik wallet. MobiKwik wallet users can then transact across major e-commerce platforms, three million physical retailers, and over 300 billers. They also make QR payments, bill payments, or transfer money with Home Credit money through the MobiKwik wallet.
MobiKwik further states that the partnership with Home Credit India is purely digital and in line with the government’s Digital India campaign. “Built with the vision of creating a digital credit card for 100 million Indians, MobiKwik believes the form factor for delivering the credit opportunity in India will be digital and not a physical card,” the company adds. Notably, existing Home Credit clients on MobiKwik app do not require any physical documentation to enjoy the service, moreover, clients can also avail personal loans up to Rs 240,000.
Speaking on the development, Upasana Taku, co-founder and COO at MobiKwik, said in a press brief: without any documentation issues. By linking a line of credit to the user’s mobile wallet, we are creating a virtuous cycle of consumers using digital credit and digital payments for their everyday purchases. “
Marko Carevic, Director of Marketing and Customer Experience, Home Credit India praised its partnership with MobiKwik and said this merger is an important step towards engagement and customer experience on a new level. “With MobiKwik’s robust ecosystem and its ability to retain customers with its extensive network of merchants, we hope to create many more unique and personalized products to meet the unmet financial needs of millions of customers in India,” Carevic added. .
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