\n
The next big growth in mobile wallet business will happen when a lot of offline payments start happening on this platform, says Bipin Preet Singh<\/a>, co-founder of Mobikwik<\/a>. Edited excerpts from his interview with ET:
\nWhat do you think is the future of the mobile wallet business? <\/strong>
\n
\nWe look at the payments industry as a pyramid, at the bottom is the bill payments and recharges. On top of that is getting integrated all the online marketplaces which will accept Mobikwik wallet payments.
\n
\nThe third level for us is to get offline merchants to start accepting wallet payments and the final stage would be money management. For offline, we have already started working with Big Bazaar to accept wallet payments and within a month of starting we have processed 3-5% of the total transactions of Big Bazaar.
\n
\nWill inter-operability of wallets help increase acceptance? <\/strong>
\n
\nI think today it is not that important, it is too early. Other than a few wallet operators, others do not have the kind of scale that would make interoperability extremely important.
\n
\nHowever, once the scale is achieved then there would be pressure automatically on the regulators to start interoperability. Are you facing threat from banks who are developing their own wallet apps, like Pockets and PayZapp? I think the competition is only from the sentimental and conceptual points of view.
\n
\nMore HDFC Bank customers use PayTm or Mobikwik than PayZapp. This is not their strong point, because it is not the banks’ business. Payments and wallet business is something we are dealing with day in and day out. We are in the consumer intermediary space. I have a sense of the pulse of the customer.
\n
The banks’ core competency is regulatory, lending and mostly deposits. On the consumer side, banks struggle to even develop their one own app for all kinds of solutions. The consumers will not lose their interest in banks but what will happen is that they will rely on wallets for smaller transactions. Our banks are not even ready to invest<\/a> that much of money into the promotion of their wallets. We have spent $20 million to develop the wallet and promote it.
\n
\nWhat is your take on the RBI and the regulatory environment? Is it hampering growth of fintech startups?<\/strong>
\n
\nThe Reserve Bank has been extremely progressive. We operate under the PPI licence. The regulations under this licence has become much smoother. When we started, you could use wallets only for recharges. Now they have opened it up. The limit for KYC customers have been increased from Rs 50,000 to Rs 1 lakh.
\n
\nNow, they have also started domestic money transfer which they did not allow earlier and even started talking about cashouts. I feel RBI does not look at it as something they need to regulate. They look at the payments space as something they want to develop.
\n
\nAs a financial startup what has been your experience while accessing funding<\/a> in the country? <\/strong>
\n
I think good companies with a solid business plan, good execution and proof<\/a> of past performance and good future potential will be able to raise money. But younger companies are having a difficult time unless they prove they can sustain and have a long-term business model. In 2015, a lot of funding came in even for companies with flimsy business plans. I believe that people’s faith in the wallet as a business segment has improved. If a company does not get 20 million to 30 million users, then it is not scalable.
\n
\nWe already have around 25 million users with around 40% of them being active ones. We process around 20 million transactions per month. The next big growth will happen when a lot of offline payments happen on this platform. I have faith in my business model.
\n
\nYou had not got a licence at first, would you be interested in getting a payments bank licence in the next stage from the RBI?
\n
\nI am sure that we will get the licence, I think it is just a matter of time. The bigger question for me is what we do when we get the licence. All this while we were able to execute all the ideas that we had since we did not get the payments bank licence.\n\n<\/body>","next_sibling":[{"msid":51536063,"title":"Startups Set to Steal the Show on Small Screens","entity_type":"ARTICLE","link":"\/news\/startups-set-to-steal-the-show-on-small-screens\/51536063","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":51536111,"entity_type":"ARTICLE","title":"Faith in mobile wallet business has increased: Bipin Preet Singh, co-founder of Mobikwik","synopsis":"The next big growth in mobile wallet business will happen when a lot of offline payments start happening on this platform, says Bipin Preet Singh.","titleseo":"telecomnews\/faith-in-mobile-wallet-business-has-increased-bipin-preet-singh-co-founder-of-mobikwik","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2016-03-24 08:17:56","lastupd":"2016-03-24 13:25:22","breadcrumbTags":["Funding","invest","proof","Mobikwik","Bipin Preet Singh","MVAS\/Apps"],"secinfo":{"seolocation":"telecomnews\/faith-in-mobile-wallet-business-has-increased-bipin-preet-singh-co-founder-of-mobikwik"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2016-03-24" data-index="article_1">
移动钱包业务增加了信心:Bipin普里特辛格Mobikwik创始人之一
下一个大的移动钱包业务的增长将发生在很多线下支付开始发生在这个平台上,Bipin普利特·辛格说。
手机钱包业务,这是流行在印度,从印度储备银行已经收到了不小的帮助。银行也已被创建自己的平台来促进这种形式的交易。
下一个大的移动钱包业务的增长将发生在很多线下支付开始发生在这个平台上,说辛格Bipin普里特创始人之一,Mobikwik。编辑摘录他的采访等:
你认为未来的移动钱包业务吗?
我们看一下支付行业金字塔,底部是账单支付和充电。最重要的是得到集成所有的在线市场接受Mobikwik钱包支付。
我们的第三个层次是让线下商家开始接受钱包支付和资金管理的最后阶段。离线,我们已经开始处理大集市接受钱包支付和在一个月内开始我们有加工3 - 5%的总交易的大集市。
互操作性的钱包会帮助增加验收?
我认为现在不是那么重要,还为时过早。除了几个钱包运营商,其他人没有的那种规模将使互操作性非常重要。
然而,一旦取得规模会有压力自动监管机构开始互操作性。你面临的威胁银行开发自己的钱包应用,喜欢口袋和PayZapp吗?我认为竞争是仅从情感和概念的观点。
HDFC银行客户使用PayTm或Mobikwik比PayZapp。这不是他们的强项,因为它不是银行的业务。支付和钱包业务是我们处理夜以继日。我们在消费者中间的空间。我有一个客户的脉冲。
银行的核心竞争力是管理,贷款和存款。在消费者方面,银行难以甚至开发他们自己的应用各种各样的解决方案。消费者不会失去兴趣的银行,将会发生什么,他们将依靠钱包对于较小的交易。我们的银行还没有准备好投资那么多的钱投入促进他们的钱包。我们已经花费了2000万美元来开发钱包和促进它。
什么是你的央行和监管环境?它是阻碍fintech初创公司的增长吗?
储备银行已经非常进步。我们在PPI许可证下运行。根据本许可证规定变得更为顺畅。当我们开始,您可以使用钱包只是充电。现在他们已经打开它。KYC限制客户已经从Rs 50000增加到1 Rs十万卢比。
现在,他们也开始国内转账之前,他们不允许,甚至开始谈论支付。我觉得央行并不看它是他们需要调节。他们看支付空间作为他们想要开发的东西。
作为一个金融公司访问时是你的经验资金在这个国家吗?
我认为好公司与一个坚实的商业计划,执行和良好证明过去的表现和良好的未来潜在的能够筹集资金。但年轻的公司正在经历一个艰难的时间,除非他们证明他们可以维持长期的商业模式。2015年,大量的资金甚至对于脆弱的公司的商业计划。我相信人们的信仰在钱包业务部门得到了改善。如果一个公司没有得到2000万到3000万用户,那么它不是可伸缩。
我们已经有大约2500万用户提供大约40%的他们思想活跃的人。我们每月处理2000万年左右交易。下一个大的增长将发生在很多线下支付发生在这个平台上。我有信心在我的商业模式。
你没有执照,你有兴趣获得支付银行执照从印度储备银行下一阶段吗?
我相信我们将获得执照,我认为这只是一个时间问题。对我来说,更大的问题是当我们获得许可证。这阵子我们能够执行所有的想法,因为我们没有得到支付银行执照。
下一个大的移动钱包业务的增长将发生在很多线下支付开始发生在这个平台上,说辛格Bipin普里特创始人之一,Mobikwik。编辑摘录他的采访等:
你认为未来的移动钱包业务吗?
我们看一下支付行业金字塔,底部是账单支付和充电。最重要的是得到集成所有的在线市场接受Mobikwik钱包支付。
我们的第三个层次是让线下商家开始接受钱包支付和资金管理的最后阶段。离线,我们已经开始处理大集市接受钱包支付和在一个月内开始我们有加工3 - 5%的总交易的大集市。
互操作性的钱包会帮助增加验收?
我认为现在不是那么重要,还为时过早。除了几个钱包运营商,其他人没有的那种规模将使互操作性非常重要。
然而,一旦取得规模会有压力自动监管机构开始互操作性。你面临的威胁银行开发自己的钱包应用,喜欢口袋和PayZapp吗?我认为竞争是仅从情感和概念的观点。
HDFC银行客户使用PayTm或Mobikwik比PayZapp。这不是他们的强项,因为它不是银行的业务。支付和钱包业务是我们处理夜以继日。我们在消费者中间的空间。我有一个客户的脉冲。
银行的核心竞争力是管理,贷款和存款。在消费者方面,银行难以甚至开发他们自己的应用各种各样的解决方案。消费者不会失去兴趣的银行,将会发生什么,他们将依靠钱包对于较小的交易。我们的银行还没有准备好投资那么多的钱投入促进他们的钱包。我们已经花费了2000万美元来开发钱包和促进它。
什么是你的央行和监管环境?它是阻碍fintech初创公司的增长吗?
储备银行已经非常进步。我们在PPI许可证下运行。根据本许可证规定变得更为顺畅。当我们开始,您可以使用钱包只是充电。现在他们已经打开它。KYC限制客户已经从Rs 50000增加到1 Rs十万卢比。
现在,他们也开始国内转账之前,他们不允许,甚至开始谈论支付。我觉得央行并不看它是他们需要调节。他们看支付空间作为他们想要开发的东西。
作为一个金融公司访问时是你的经验资金在这个国家吗?
我认为好公司与一个坚实的商业计划,执行和良好证明过去的表现和良好的未来潜在的能够筹集资金。但年轻的公司正在经历一个艰难的时间,除非他们证明他们可以维持长期的商业模式。2015年,大量的资金甚至对于脆弱的公司的商业计划。我相信人们的信仰在钱包业务部门得到了改善。如果一个公司没有得到2000万到3000万用户,那么它不是可伸缩。
我们已经有大约2500万用户提供大约40%的他们思想活跃的人。我们每月处理2000万年左右交易。下一个大的增长将发生在很多线下支付发生在这个平台上。我有信心在我的商业模式。
你没有执照,你有兴趣获得支付银行执照从印度储备银行下一阶段吗?
我相信我们将获得执照,我认为这只是一个时间问题。对我来说,更大的问题是当我们获得许可证。这阵子我们能够执行所有的想法,因为我们没有得到支付银行执照。
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