MobikWik Partnered Brand Factory and E-Zone to Power e-cash Payments

MobikWik, an independent mobile payments network has announced to enter into the partnership with Brand Factory and E-Zone for e-cash payments

India: Mobile wallet is the most emerging technology across India. MobikWik, India’s largest independent mobile payment network has announced its partnership with Brand Factory and E-Zone to offer e-cash payments. In addition, MobikWik has over 32 million users across India.

Brand Factory is the largest discount retail chain across the country. This has over 41 outlets in more than 20 cities across India. Levi’s, Pepe Jeans, Wrangler, Provogue, Arrow, Nike, Adidas, Reebok, Louis Phillippe, Allen Solly are the major India and International fashion brand available with the retail outlet across the country. Furthermore, E-Zone, a part of Future group, is the one of the leading electronics retail outlets in the country. In addition, MobikWik has already associated with Big Bazaar.

Mr. Mrinal Sinha, Chief Operating Officer of MobikWik, said that with increasing adoption of e-cash and wallets, the era of physical cash is gradually phasing out. To avoid time encapsulation at billing desk, the buyers prefer to use mobile wallet as a payment mode, he further added.

TechSci Research depicts that with growing awareness of mobile wallet, the companies offering mobile wallet services are entering into the partnership with retail outlets and other companies to power e-cash payments.

Tier I cities including Delhi, Mumbai, Kolkata, Bangalore, Pune, etc., registered the highest number of mobile wallet users, while Tier II cities such as Jaipur, Lucknow, Chandigarh, Indore, Patna, etc. are the emerging cities in terms of mobile wallet usage across the country.

According to the recent report published by TechSci Research, “India Mobile Wallet Market Forecast and Opportunities, 2020”, India Mobile Wallet market is projected to surpass USD6.6 billion by 2020. With increasing awareness level of mobile wallet, rising smartphones coupled with growing internet penetration and increasing acceptance of mobile wallet as a payment mode are driving the mobile wallet market in India. Banking sector accounted the largest end user segment followed by retail, telecom and transportation.