Home Credit & MobiKwik launch “Home Credit Money” in India
By Edil Corneille
MobiKwik, India’s digital credit platform, has announced a strategic partnership with Home Credit India, a local arm of international consumer credit provider Home Credit Group with operations in 9 countries in Europe and Asia, to launch “Home Credit Money”. A mobile application-based wallet, Home Credit Money provides its customers with an integrated, end-to-end digital experience for their daily payments and borrowing needs.
MobiKwik’s partnership with Home Credit India is purely digital and matches the changing consumption habits of the young budding Indian population. Built with the vision of creating a digital credit card for 100 million Indians, MobiKwik believes the form factor for delivering the credit opportunity in India will be digital, not a physical card.
The app is developed with all payment use cases in mind such as ecommerce payments, QR payments, bill payments, and money transfers. The app enables users to transact on major e-commerce brands, over 3 million physical retailers, and over 300 billers.
Home Credit Money allows users to benefit from an instant interest-free loan ranging from INR 1,500 to INR 10,000 directly into their wallet. This online trip without physical documentation is available to existing Home Credit customers, along with the benefits of a mobile wallet like instant cashback and super cash, market deals and bargains. In addition, clients can also avail personal loans of up to INR 240,000.
Marko Carevic, Director of Marketing and Customer Experience at Home Credit India, said: “At Home Credit, our goal is to empower our customers by offering them credit facilities that are seamlessly integrated into their buying journey. Based on customer focus, we believe our partnership with MobiKwik is an important step towards engagement and customer experience on a new level. Through MobiKwik’s robust ecosystem and ability to retain customers with its vast network of merchants, we hope to create many more unique and personalized products to meet the unmet financial needs of millions of customers in India.
Home Credit India clients will be made aware of the importance of going digital. The partnership will serve as a digital medium in these difficult times. The company is committed to fostering credit penetration and expanding financial inclusion through responsible lending.
Upasana Taku, Co-Founder and COO of MobiKwik, said, “Mobikwik is committed to providing digital credit to the next 100 million Indians and our partnership with Home Credit is helping us do that. We believe that a digital wallet is the most suitable platform for distributing small loans to users, as they can easily enjoy the money without any documentation issues. By linking a line of credit to the user’s mobile wallet, we create a virtuous cycle of consumers using digital credit and digital payments for their everyday purchases.
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