MobiKwik banks on online grocery market

NEW DELHI: Customers using online grocery platforms such as Grofers, BigBasket, MeraGrocer, and GrocerMax can now pay their bills through MobiKwik wallet.

The mobile payment solutions provider has tied up with these grocery start-ups as it expands its reach in the online grocery market.

Most MobiKwik users already make 10 purchases every month using their wallet balance across diverse use cases such as recharge, bill payments, food, travel and cabs, shopping, and entertainment.

Currently, there are over a dozen hyper-local grocery apps in the Indian online grocery market, which is the sixth largest in the world.

Commenting on the partnership, Albinder Dhindsa, Co-Founder and CEO, Grofers, said, “With users becoming increasingly comfortable making digital payments on mobile, we wanted to partner with MobiKwik to facilitate easy and fast transactions. Joining hands with them was an easy decision since MobiKwik has sharply focused on the business of solving payments for both retailers and users”.

Bipin Preet Singh, Founder and CEO, MobiKwik, said, “The explosive growth of hyper-local grocery app is testament to the fact that convenience and speed are two key attributes that drive user behavior today. Now that MobiKwik wallet is live across all the big players in the grocery app segment, users would find the purchase experience become all the more faster and convenient.”

He further added, “A smooth payment experience is key to the success of m-commerce. Customers tend to tire of re-entering payment information and that leads to high rates of sales abandonment. MobiKwik’s 1-tap payments do away with those hassles.”

Research firm IGD predicts that India’s online grocery market, estimated to be less than $100 million at present, will cross $25 billion by 2020. By 2016, it is expected to overtake Japan to become the third-largest market globally.

Vipul Parekh, Co-Founder, BigBasket, said, “We are excited to give users the flexibility of making payments using MobiKwik wallet. The MobiKwik wallet integration will give us access to thousands of customers who have adopted it as a preferred payment mechanism. It will also allow us to present to our users a secure, easy, and fast way of paying for groceries.”