The payment system in India has become agile and disruptive with UPI, QR Codes, NFCs leading the pack. Now, this is forcing mobile wallets to not only diversify their business, but also come out with solutions that would help them stay relevant with the changing environment.

New Delhi-based mobile wallet MobiKwik is now focussing on tapping the B2B space to expand its horizons and expects this new space to clock a revenue of ₹100 crore in the next 18 months.

Bipin Preet Singh, founder, MobiKwik, told BusinessLine that the company plans to invest close to $10 million (₹60 crore) to develop and launch more finance-related products this year. However, the investment will be done from the existing fund and that there is no plan to raise fresh investments this year. “2017 was the year of expansion and 2018 will be the year of innovation,” Singh said, adding that the payment and financial technology space is the most dynamic at present.

He said that going forward, users will be able to buy mutual funds and other financial products from the wallet itself.

B2B solution

The company has launched a SaaS-based B2B product called Magic, which is an end-to-end solution for corporate processes, rewards and reimbursements. The product is aimed at reforming the employee benefit and reimbursement process by eliminating the constant challenges faced by both the employer and the employee.

Singh said the company is currently providing this as a free service to 32 companies and would scale it up to 5,000 corporates, start-ups and SMEs in the next 18 months. The firm eyes ₹8,400-crore worth of transactions on Magic, which will come as an integrated feature on the MobiKwik app.

“We are offering Magic as a free service. We want companies to create processes and set up policies around the product which will increase its usage. Today, a medical bill takes about 15 days to be reimbursed.,However, with Magic it can be transferred to the wallet immediately,” he said, adding that there is a huge potential in this segment after the Finance Minister, in his Budget speech, made digital bills as valid documents for reimbursement purposes.

The employee benefit and reimbursement industry in India is estimated at ₹51,600 crore and is largely paper based. But organisations have realised the importance of digitising their processes in order to save time and cost, as well as maintain a high level of employee satisfaction, he added.