MobiKwik has joined hands with card network American Express (Amex) to introduce up to Rs 1 lakh credit limit virtual prepaid payments card. MobiKwik said in a statement, "The company has become the first non-bank to issue cards in India and the reason to bring this card is to expand MobiKwik from a wallet operator to financial services-led fintech player".
The company also said, "The MobiKwik Blue Card’s issuance process is one-click and takes just a few seconds".
The users will get instant credit on their prepaid card for up to Rs 1 lakh, which will be underwritten by MobiKwik, also MobiKwik Blue American Express Card will be linked with users' wallet.
Upasana Taku, co-founder & COO at MobiKwik said, "The launch of the MobiKwik Blue Card is a milestone in our journey of becoming a full stack fintech platform, bringing Financial Inclusion to the Indian masses and delivering on the promise of Digital India".
MobiKwik Blue American Express Card - Here is how to apply:
- Download Mobikwik app on mobile phone.
- Login or Sign up with registered mobile number and put OTP which is sent on mobile.
- At the top right corner of the screen there will be a logo of the American Express, click on the logo to activate the card.
- The card offers value to the customers in the form of Rs 10,000 in credit limit, 1 percent SuperCash on buying products and 20 percent savings on Diwali shopping.
Within a month of its launch, MobiKwik Blue American Express Card of around 2 lakh had already been issued. MobiKwik said "Early results indicate that the MobiKwik Blue card has surpassed expectations even before its formal launch". The company has raised over USD 100 million in funding from marquee investors.
"Aligned with this strategic focus, we are delighted to strengthen our long-standing relationship with MobiKwik for the Blue Card which furthers the “Digital First" agenda in a meaningful way" Divya Jain, VP & Head of Global Network Services, India & South Asia at American Express said.
MobiKwik was launched in 2009 by Bipin Preet Singh and Upasana Taku and is one of the largest payments networks in India with 12 crore users, 30 lakh merchants, and more than 300 billers.
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