MobiKwik has partnered with card network American Express (Amex) to launch its first prepaid payments card with flexible credit limit. Mobikwik fintech company becomes the first non-bank to issue cards in India, MobiKwik said in a statement. The move aims to expand MobiKwik’s payments from a wallet operator to financial services-led fintech player.
The MobiKwik Blue American Express Card will be linked with users' wallet. The customer will get up to ₹1 lakh instant credit on their prepaid card, which will be processed by MobiKwik.
“The launch of the MobiKwik Blue Card is a milestone in our journey of becoming a full stack fintech platform, bringing Financial Inclusion to the Indian masses and delivering on the promise of Digital India," Upasana Taku, co-founder & COO at MobiKwik said.
How to apply for MobiKwik Blue American Express Card:
Customers need to download or update her Mobikwik app on their phones and login or signup into the app with her mobile number and OTP. A logo of the American Express will be at the top right corner of the home screen. The users have to click on the logo to activate the card. "The MobiKwik Blue Card’s issuance process is one-click and takes just a few seconds," the company said in a statement."The card provides value to the users in the form of ₹10,000 in credit limit, 1% SuperCash on purchases and 20% savings on Diwali shopping," MobiKwik co-founder said.
Commenting on the launch Divya Jain, VP & Head of Global Network Services, India & South Asia at American Express said said, "Aligned with this strategic focus, we are delighted to strengthen our long-standing relationship with MobiKwik for the Blue Card which furthers the “Digital First" agenda in a meaningful way."
Around 2 lakh MobiKwik Blue American Express Card have already been issued within a month of its launch, the fintech firm said. "Early results indicate that the MobiKwik Blue card has surpassed expectations even before its formal launch," MobiKwik added.
With 12 crore users, 30 lakh merchants, and more than 300 billers, MobiKwik's payments network is one of the largest in India. Founded in 2009 by Bipin Preet Singh and Upasana Taku, the company has raised over $100M in funding from marquee investors.
