Mobikwik becomes the first non-bank issuer of Amex cards. The fintech company has joined with Amex to launch ‘Mobikwik Blue American Express Card’ on Tuesday. The company aims to expand its business from a wallet operator to become India’s largest digital credit platform.
The company, which has more than 120 million users, is aiming to issue at least 1 million digital pre-paid cards over the next year. The card will reflect the user’s Mobikwik wallet balance. Besides its 120 million users Mobikwik payments has 3 million merchants and 300-plus billers. In June, the company partnered with e-commerce majors like Flipkart, Snapdeal, ixigo to push digital-payments. Now the usage would get expanded to the Amex merchant network as well, both online and offline. Amex is an investor in Mobikwik through its strategic investment group, Amex ventures.
Mobikwik Blue American Express Card can be generated through the Mobikwik App. It is issued free of charge. The pre-paid card allows Mobikwik users to pay all Amex merchants, including top e-commerce players in the market. The card designed to keep the preference of youth in India and the growing demand for digital payments offers incredible value to its users in the form of Rs. 10,000 in credit limit, 1% SuperCash on buying, and 20% savings on Diwali shopping. The company had soft-launched the card a month ago to a select set of users its has already issued 2,00,000 cards. Mobikwik has been providing digital credit since 2018. The users can use their Mobikwik credit through the card without using the card as a credit card.
Upasana Taku, co-founder, and COO at MobiKwik said that the launch of Mobikwik Blue American Express Card is a milestone in the company’s journey in becoming a full-stack fintech platform, bringing financial inclusion to Indian masses. The card will increase Mobikwik’s ubiquity at the point of sale. She also did not rule out the possibility of new product launches with other partners in the future. Talking about the impact of COVID-19 Taku said that the company has been seeing growth and has reached pre-pandemic levels in terms of volume. Divya Jain, vice president and head of global network services, India & South Asia at American Express said that this venture will give Amex access to the large consumer base of Mobikwik, which in turn adds value to the company.
