Digital payments platform MobiKwik is offering a complete financial services package besides being a leading mobile wallet service facilitating digital payments.
While most consumers stick to recharge and bill payments on the platform, MobiKwik also offers ample opportunities under their financial services dashboard to look for investment solutions in various avenues like vehicles, mutual funds, deposits, gold and many others.
Most customers primarily use the platform to pay for consumed services and shopping as MobiKwik enables safe, quick, and effortless online payments. Here are some financial solutions provided by MobiKwik for its customers.
MobiKwik’s digital banking solutions
Managing both ends of expenses is a struggle for most middle-class Indian families, and managing savings is even more so. However, a recent study reveals that nearly 80% of Indians had a bank account in 2019, a vast improvement from 35% in 2011. During the same period, mobile wallets thrived in the emerging digital landscape.
Among them is the MobiKwik app, which is easy to download with a user-friendly interface to operate with a few taps of your fingertips. So, MobiKwik quickly grabbed the opportunity to corner under-banked Indians in 2019. As the app gained popularity with its multi-tasking properties, MobiKwik became a comprehensive platform for the entire gamut of digital banking solutions.
Today, MobiKwik is a single platform providing access to the bank account, paying for consumed services and purchases, besides various digital banking operations. They include instant loans, mutual funds, wealth management, and buying and selling digital gold. So, MobiKwik’s more than 101 million strong clientele experience fast-edge services matching 21st century needs rather than web-based bank-branch experience.
MobiKwik’s investment solutions
MobiKwik’s foray into the wealth management domain transforms the payments platform into a full-stack Fintech company offering various investment solutions. Wealth management in the MobiKwik app is more about financial services than advisory. Thus, under their financial services category are options to invest primarily in direct mutual funds, digital gold, and MobiKwik Xtra. So, let us explore the possibilities in greater detail.
Direct Mutual Funds
Mutual Funds are the favored investment vehicles for Indian financial planners seeking to grow their money. Mutual funds create a portfolio with diverse assets based on your risk appetite to maximize returns through market instruments. In addition, professional fund managers keep an eye on the market movements and adjust the portfolio to meet its objectives.
MobiKwik offers direct mutual funds under their financial category, free from hidden charges. In addition, you get several services to invest in your preferred scheme. Some critical features are:
- Hassle-free account opening using your PAN card and bank account
- The investment transactions are safe as MobiKwik adheres to SEBI regulations as a Registered Investment Advisor
- The app employs the latest encryption technology and several layers of security protocols to keep your information and privacy safe.
- Opening a Demat account is unnecessary as your investment remains with an individual mutual fund company.
MobiKwik has partnered with 36 leading fund houses to help choose the investment that matches your requirements. Thus, you can access over 3000 mutual fund schemes free of commissions, ultimately swelling your returns. So, the investment transactions are quick, safe, and efficient, needing just a few clicks but based on your risk tolerance and financial goals.
Digital Gold
Digital gold is a new age phenomenon for purchasing and selling safe gold online from the comfort of your home. Thus, your online gold investment is stored in real-time prices by the gold Custodian in physical form until redemption. So, MobiKwik is the ideal platform for trading in digital gold for the following reasons.
- Small Investment: You do not need significant amounts to invest in digital gold. On the contrary, you can buy gold online even for Re1 without any constraint over higher investments.
- Systematic Progress: You can grow your money over the long term by starting a SIP with a small amount of Rs. 100. However, the accumulated wealth is substantial over a long period.
- Purity Guarantee: The digital gold on the the platform comes with a purity guarantee of 99.5% 24K gold.
- Assured Security: The digital gold traded on the platform is safe and secure in vaults without additional cost.
- Gold Exchange: Digital gold owners on the platform can exchange for physical gold jewelry or coin on Caratlane and have it delivered to their registered address.
Xtra Deposit
You can invest in the MobiKwik platform by lending creditworthy borrowers under the RBI P2P regulations for investment platforms. The company partners with Lendbox to deliver up to 12% returns on investment. MobiKwik evaluates hundreds of data points for their income and expense behavior to choose the borrowers. In addition, the investment splits among multiple borrowers for amounts as small as Rs 100 to mitigate risks and diversify investments.
Final words
Saving is an essential aspect of financial planning to secure your future. Mobikwik is not only a payment platform but also a facilitator for investments, which can deliver a hefty corpus in the long term. Making informed investment decisions is a tricky business, which MobiKwik eases by removing the obstacles. In addition, the app appreciates the concerns of ordinary investors, giving hope and reasons to manage their wealth meaningfully on the platform.
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