Bengaluru: Mobile wallet company MobiKwik has tied up with global mobile top-ups provider, DT One, to offer mobile recharges in 150 countries across 550 telcos, the company said on Monday.
Indian MobiKwik users will now be able to recharge foreign SIM cards, while users in the Middle East, Asia Pacific, Europe, Africa, the US, Latin America, and the Caribbean, can recharge their own SIMs, as well as those provided by Indian operators.
“This is just the beginning of our expansion plans. We will deepen our partnership with DT One and we also have separate plans to launch other products such as bill payments, merchant payments, ticket bookings and more," MobiKwik co-founder Upasana Taku said in an interview.
According to MobiKwik, since mobile recharge is the most primary transaction type across countries, it will help attract users.
DT One’s executive vice president, Asia-Pacific, Krishnadeep Baruah, said average mobile recharge globally (excluding India) is around $20, much higher than the average recharge sizes in India.
“We are a 14-year-old company, and we have already processed more than 6.5 billion transactions on our platform. MobiKwik will now get access to our base of over 350 million unique users," said Baruah.
The large number of international immigrants in India -- nearly 5.2 million in 2015, according to Pew Research Center - will be a target market for MobKwik. Government data shows 752,725 Indian students went for studies in 90 countries in 2018.
“This new feature will enable millions, including immigrants in India from across the globe, students studying abroad and even frequent travelers, the power of connectivity at their fingertips via the new feature on the MobiKwik app," Taku added.
MobiKwik caters to over 107 million Indian users, three million merchants and 200 billers on its platform. It expects to enrol at least 10 million users by FY20.
Founded in 2009 by Bipin Preet Singh and Taku, MobiKwik has raised four rounds of funding from investors, including Sequoia Capital, American Express and Net1, for close to $120 million.