Mobile wallet major MobiKwik has rolled out a "loyalty" initiative by the name SUPERCASH to create an engaged user base.
Billed as the first ever 'loyalty initiative's from a mobile wallet in India, MobiKwik's SUPERCASH will go live from Monday, said Daman Soni, Vice President for Growth at MobiKwik.
Mobile wallet company MobiKwik on Thursday announced that it will invest ₹300 crore for expansion in 2017, and aim to grow its user base from the current 50 million to 150 million in 2017.
MobiKwik has also rolled out a loyalty initiative, SUPERCASH, to create an “engaged” user base.
Billed as the first ever ‘loyalty initiative’ from a mobile wallet in India, SUPERCASH will go live on Monday, said Daman Soni, Vice-President for Growth at MobiKwik.
Under the initiative, which promises benefits on every transaction, users can earn reward points at all MobiKwik points of sale, including local mom-and-pop stores. Additionally, users will save money every time they transact on MobiKwik.
“We have already signed up most of our partners. We are launching on Monday in a big way,” Soni told BusinessLine here.
Three insights Elaborating on the rationale behind the initiative, Soni said all Indian consumers are value-conscious (no surprises there). Second, Indian consumers do several transactions (say, recharge phones five times a month, fill petrol twice a month, buy vegetables thrice a week). Also, they love discounts every time they transact and “that’s what we have tried to build” in SUPERCASH, Soni said.
“This will build stickiness of the consumer with our platform.”
Slowly, but steadily, mobile wallet providers are changing their conversations from “cash-backs” to newer concepts like “loyalty points”.
The increase in user base will help catapult MobiKwik’s annual gross merchandise value to $10 billion by the end of the year, from the current $2 billion.
The company currently has over 1.4 million merchants on its network and aims to grow the base to over 5 million by year-end.
Mobile wallets have seen tremendous growth in the past three months, with MobiKwik adding 1.3 million merchants and 15 million users post-demonetisation.