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Mobikwik looks to introduce power wallet platform

  • Mobikwik has filed a patent for a platform
    called power wallet, which integrates online payment platform of retailers with
    that of mobile wallet firms, the
    Economic
    Times
    reported.

  • Companies that are already using the power
    • Mobikwik has filed a patent for a platform
      called power wallet, which integrates online payment platform of retailers with
      that of mobile wallet firms, the
      Economic
      Times
      reported.

    • Companies that are already using the power
      wallet include OYO Rooms, PVR Cinemas, Zomato, Meru Cabs, Big Bazaar and
      WHSmith India. Under the technology, users can make payment through the wallet
      from within the retailer’s platform, and no re-direction to MobiKwik is
      required even for loading money into the wallet, the report said.

    • Bipin Preet Singh, founder and CEO of
      Mobikwik, said power wallet as a concept can be used on a website, as well as
      offline. “The implementation of power wallet can also be done through tap
      payments or through the nearfield communications technology where retailers can
      accept contact-less payments.”

    • While the underline technology will be
      deployed by Mobikwik, the entire transaction will happen under the retailer’s
      portal. Merchants can also opt for co-branded wallets.

    • “It is a pretty unique proposition;
      worldwide there is no such thing since a person’s identity, authentication and
      payment can all be done under the retailer’s interface by using the underline
      technology system off the shelf,” Singh added.

    • It can be used for varied purposes, such as
      when a merchant wants to build a loyalty or refunds programme or another
      choosing the image recognition as a means for authentication, he said.

     

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