Sunday Interview : Bipin Preet Singh – CEO & Founder At Mobikwik
Today at Sunday Interview Series we have Mr.Bipin Preet Singh, CEO & Founder at Mobikwik. Before we start with what Mr.Singh has to say, Above Android team would like to thanks Bipin Preet Singh for sharing his valuable time and word with us also we are thankful to Kavita Nayar and Mobikwik team for better co-ordination with us.
What is Mobikwik ?
Let start Interview With Bipin Preet Singh – CEO & Founder At Mobikwik
Bipin Preet Singh : I quit my job as an Architect at Freescale Semiconductor, Noida to launch MobiKwik in Aug 2009. For the first 6 months, I did everything – product development, customer support, business development and marketing.
The biggest challenge to start anything is getting an A star team together. In 2010, I found an able partner in Upasana Taku, whose experience and motivation has been invaluable to our growth. Together, we hired a young but ambitious team who has done outstanding work in product development.
We are very proud to be bootstrapped & profitable in a very competitive market.
The Indian mobile story is a well known one! With the mobile becoming indispensable, literally like a limb, we expect that a MobiKwik wallet will become a way of life! Our goal is that every mobile Indian should have and transact on the MobiKwik wallet for their day to day transactions.
– What will be the future of Android Smartphone industry for you.
Bipin Preet Singh : India is set to become the third-largest market for smart phones in four years, according to researcher IDC. Smartphone shipments to India are forecast to rise to 155.6 million units in 2017 from 27.8 million now, accounting for a 10.3% share of the global market. India’s year-on-year Smartphone shipment growth is expected to be the highest.
The increase in Smartphone usage has created a scenario where more and more day to day activities are conducted on the move. The MobiKwik mobile consumer wallet offers users the convenience of recharge, utility bills payments and online shopping at the tip of their fingers and on the move.
– What makes Mobikwik android app stands different? and why?
Bipin Preet Singh : MobiKwik is India’s Fastest and Lightest App for mobile recharge, DTH recharge and bill payments and now also provides exciting wallet offers on third party online merchants. It is the highest rated online recharge app in India and supports all credit cards, debit cards and net banking.
The Mobikwik Android App boasts of more than 1 million downloads within 12 months of its launch. This App now does more than USD 3 million worth of digital transactions every month, which no other mobile commerce App does in India. It was first launched in September 2012.
The Android App is power packed in terms of the experience it offers its users and is super-easy to use. Key features include:
– The App features ‘saved connections’, which allows user to “express” recharge their saved numbers without the need to type anything at all.
– Users can access and view their transaction history in the app itself. Once the app is synced, users will be able to view their transaction history even when they are offline.
– Customer support is just a click away. If any issue is faced during the recharge and/or bill payment process, by simply hitting ‘Help” from “My Account”, users can find an efficient redressal to their query.
– The app features a clean and compact interface that puts all the important things first and enhances the users engagement and experience with the app across different Android versions.
– The Mobikwik Android App 3.5 is small in size despite its power packed features, fast and light on the mobile phone CPU and Internet bandwidth consumption. It works very well on 3G and 2G connections.
– It is available on the Google Play Store
– Things I love about Mobikwik is low in size and easy to operate. What do you think an app size matters in success rate?
Bipin Preet Singh : The App is very light no extra data is stored. The MobiKwik app size is 724 kb as compared to 3MB of the competitors. For low end smartphones, it means you save previous real estate in terms of RAM. Even the high end devices only have 2GB of Internal RAM. Having the entire App in the RAM makes the App highly responsive to touch and easy to use. The second factor which is very important is amount of data usage. If you read our Play Store reviews, you will find that users love the fact that the App works very fast even in EDGE/2G network. For a country like India where 3G network penetration is still low and signal quality can fluctuate even within a neighborhood, it means that users can literally recharge their mobiles anytime, anywhere !
– Recently, mobikwik has added a wallet feature, how it aids in payment process?
Bipin Preet Singh : Mobikwik Wallet allows the users to pay any bill – be it prepaid mobile, postpaid mobile, electricity or landline with a single click. If you are ordering a Pizza or want to buy a Coffee or book a movie ticket, it can all be done by using the wallet at the respective merchant destinations. This is the key USP of Mobikwik Wallet – load money once and use it multiple times with a single click. We are the first company to have created native experiences on the Mobile for Wallet payment.
We have recently launched India’s first mobile consumer wallet by adding online and mobile shopping to our existing portfolio of services such as recharge for prepaid and post-paid mobile, television and DTH, data cards and bill payments for broadband/landline phones, electricity, gas and insurance. The announcement comes further to the Reserve Bank of India’s (RBI) authorization to MobiKwik in July 2013, to offer its customers prepaid mobile wallets. Customers can store up to Rs. 50,000 in their MobiKwik Wallet and use their wallet to purchase goods and services on third party merchant websites and mobile applications as well now.
– Research says, Paytm is the biggest competition to Mobikwik, how do you see it? Tell us why our reader should use Mobikwik?
Bipin Preet Singh : For MobiKwik App, a major differentiator is the speed of recharge due to low size of the App and the Wallet Feature which makes payments very fast. No other App in this category can get you a recharge under 5 seconds! We would request all Paytm users to try MobiKwik App once and see the difference for yourself !
The second reason to use MobiKwik is that now the money stored in the MobiKwik wallet can be used to pay on our partner merchants like Redbus ( for buying bus tickets), Yepme ( for buying fashion clothes) and DailyObjects ( for buying electronics accessories) and 500 other merchants. This payment experience is much faster than a card/netbanking and with each payment on partner merchant you can get exciting cashback into MobiKwik wallet. Details of all such offers are at www.mobikwik.com/offers
– What are your plans for the near and far future?
Bipin Preet Singh : In the year 2014, MobiKwik expects continued strong growth. We aim to reach 15 million customers by the end of Calendar Year 2014.
Our projections indicate that in the next 5 years, more than 300 million Indians would attempt to do their first digital transaction using a Smartphone. We hope that this first transaction will be completed via a MobiKwik wallet. For users who are getting on the Internet for the first time using their mobiles, the exhilaration of being able to pay and purchase something is life changing! That’s why we have a very loyal user base that is growing at more than 400% year on year.
Mobikwik aims to fulfill its aspirations of providing an easy and convenient way to pay using a mobile phone. We have extended the scale of this wallet across various channels – be it Apps, SMS, IVR or the web itself. We also plan to launch services such as a bill payment on the move or a movie booking on the mobile or ordering a Pizza when you don’t have cash, Mobikwik wallet will help you pay anyone, anywhere, anytime. Mobikwik will also launch India’s first P2P transfer service on mobile, turning it into the defacto PayPal of India.
– Mr. Bipin Preet Singh, How do you monetize your apps?
The MobiKwik App is available free for downloading. The revenue model is very simple. We make money every time a customer buys a product/service using MobiKwik Wallet on MobiKwik and on merchant locations.
– Share some stats about Mobikwik.
Bipin Preet Singh : MobiKwik is India’s fastest growing mobile wallet with more than 5 Million users in India. We currently grow 30% month over month . We sign up 10000 new users per day and do 150,000 transactions per day, most of them via the mobile. We are one of the top 5 Shopping apps on the Google Play store for Android.
– ( Fixed questions) Three things that makes you happy.
– Working on the Android App to make it better with more features and fix existing bugs.
– More and more users using the MobiKwik wallet for their daily transactions
– Team parties in Office
– Final lines
Bipin Preet Singh : The mobile wallet is poised to change how Indians will transact for products and services online in the future. MobiKwik is geared to both lead this trend of simple ‘tap and go’ transactions and leverage it to emerge a leader!
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