Home Credit & MobiKwik launch ‘Home Credit Money’ in India

By Edil Corneille

MobiKwik, India’s digital credit platform, announced a strategic partnership with Home Credit India, a local arm of the international consumer finance provider Home Credit Group with operations spanning in 9 countries across Europe and Asia, to launch ‘Home Credit Money’. A mobile application-based wallet, Home Credit Money provides integrated end-to-end digital experience to its customers for their daily life payments and borrowing needs.

MobiKwik’s partnership with Home Credit India is purely digital and at par with the changing spending habits of the aspiring young Indian population. Built with the vision to build a digital credit card for 100 million Indians, MobiKwik believes the form factor for delivering on the India credit opportunity is going to be digital, and not a physical card.

The app is developed keeping in mind all payment use cases like ecommerce payments, QR payments, bill payments and money transfers. The app facilitates users to transact across top eCommerce brands, over 3 million physical retailers, and more than 300 billers.

Home Credit Money enables users to avail instant interest-free loan ranging from INR 1,500 to INR 10,000 directly into their wallet. This online journey with no physical documentation is available to existing customers of Home Credit along with the benefits of a mobile wallet like instant cashback and super cash, marketplace offers and deals. In addition, the customers can also avail personal loans of up to INR 2,40,000.

Marko Carevic, Chief Marketing and Customer Experience Officer, Home Credit India said, “At Home Credit, our goal is to empower our customers by offering credit facilities that are seamlessly integrated with their purchase journeys. Built on customer-centricity, we believe that our partnership with MobiKwik is a significant step towards taking customer engagement and experience to a new level. With MobiKwik’s robust ecosystem, and capability to keep customers engaged with its large merchant network, we hope to create many more unique and customized products to address unmet financial needs of millions of customers in India.”

Home Credit India customers will be made aware of the importance of going digital. The partnership will act as a digital support during these challenging times. The company is committed to drive credit penetration and broaden financial inclusion through responsible lending.

Upasana Taku, Co-founder & COO of MobiKwik said, “Mobikwik is committed to deliver credit digitally to the next 100 Million Indians and our partnership with Home Credit helps us in doing so. We believe that a digital wallet is the most suited platform to distribute small ticket loans to the users as they can easily avail the money with zero documentation hassles. By stitching a credit line to user’s mobile wallet we create a virtuous circle of Consumers using Digital Credit and Digital Payments for their daily shopping.”