Xiaomi partnered with MobiKwik to offer its M-Wallet Services

India: Xiaomi, a leading smartphone manufacturer has entered into the partnership with MobiKwik, a leading mobile wallet company in India to launch its ‘One-Touch-Recharge’ facility to Xiaomi’s smartphone users.

In addition, ‘One-Touch-Recharge’ feature is only available for the Xiaomi devices running MIUI 8 interface. Furthermore, the company is planning to introduce this service to its existing Xiaomi user based in India as well as it will introduce the same in the upcoming Xiaomi smartphones.

The ‘One-Touch-Recharge’ feature would allow user to recharge for their DTH and telecom operators. 

TechSci Research analyses that with increasing competition in the India smartphone market, Xiaomi is trying to strengthen its market presence by offering mobile services along with additional features such as mobile wallet to its Indian customers. Further, the partnership is expected to strengthen the customer base of MobiKwik as well.

According to the recent report published by TechSci Research, “India Mobile Wallet Market Forecast and Opportunities, 2020”, India Mobile Wallet market is projected to surpass USD6.6 billion by 2020. With increasing awareness level of mobile wallet, rising smartphones coupled with growing internet penetration and increasing acceptance of mobile wallet as a payment mode are driving the mobile wallet market in India. Banking sector accounted the largest end user segment followed by retail, telecom and transportation.

With increasing awareness level of mobile wallet, rising internet users coupled with the increasing security measures is driving the mobile wallet market in India. Furthermore, Tier I cities including Delhi, Mumbai, Kolkata, Bangalore, Pune, etc., registered the highest number of mobile wallet users and net baking users, while Tier II cities such as Jaipur, Lucknow, Chandigarh, Indore, Patna, etc. are the emerging cities in terms of using different more of payment across the country.