India-based digital financial services platform MobiKwik has tied up with card network American Express to debut its first prepaid card.
Dubbed MobiKwik Blue American Express Card, the prepaid payments card links to the customer’s wallet on the MobiKwik platform.
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The card offers INR 10,000 ($134.1) instant credit to Blue Card users for shopping, with zero interest. In addition, they will also be able to avail the American Express network and get 1% MobiKwik SuperCash on card purchases.
Commenting on the development, MobiKwik co-founder and COO Upasana Taku said: “The launch of the MobiKwik Blue American Express Card is a key 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 is the first non-bank Indian firm to be a part of the American Express network and issue cards in India. The move marks the company’s buildout to a financial services-led fintech player in the region.
The firm previously rolled out the soft version of the card to select customers.
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By GlobalDataMobiKwik noted that the new card witnessed an enthusiastic demand, with 200,000 cards issued during the pilot mode.
The company is eyeing to roll out around a million such digital cards on its platform, integrated with the customer’s wallet accounts.
Taku added: “Strategically, the Card increases MobiKwik’s ubiquity at point of sale and furthers our aspiration to become India’s largest Digital Credit platform.”
MobiKwik Blue American Express Card is available for purchase through MobiKwik platform.
In 2018, MobiKwik added an on-the-go credit card bill payment option for Visa customers, with plans to extend the new service to members of other branded credit cards.
