With the government pushing for Digital India and the more recent Cashless India, the relatively young concept of mobile wallets has grown exponentially in the last half year alone. Mobile wallets have evolved from enabling users to make quick bill payments and mobile recharges to also receiving cashback on online purchases with popular e-commerce websites and even avail government services for a discounted rate. Currently two of the well-known mobile wallets fighting it out to capture the market are:
1. Mobikwik: Started in July 2009 in Gurgaon, MobiKwik has grown from 15 million in April 2015 to 40+ million consumers running 25+ transactions/second with over 2.5 lakh merchants they are tied up with. They have surpassed the claims of adding 1 million new customers every month which was reported by Forbes India Magazine with a staggering 100 new users every minute. Major merchants they are currently tied up with include Via, Meru, Yatra, eBay, Myntra, ShopClues, MakeMyTrip, MyDentist, etc.
2. FreeCharge: Launching their mobile wallet in 2015, FreeCharge aims to create a digital habit. Freecharge is known for its 10 second transactions. FreeCharge achieved 1 million users within 4 months of launching and confidently claimed to cross 7 million transactions a day by the end of 2016. The e-commerce giant Snapdeal acquired Freecharge in 2015, and a year later, Freecharge launched the feature to send and receive money via WhatsApp for its users. FreeCharge has tied up with over 1 lakh merchants, some of which are Café Coffee Day, Domino’s Pizza, Croma, Puma, Shoppers Stop, Jet Airways, etc.
Let’s look at which mobile wallet to use where as per the current offers on the following merchants:
1. Bookmyshow: Recommended to use FreeCharge once.
a. Mobikwik: 35% cashback, upto Rs 100, valid for new users.
b. FreeCharge: 100% Cashback, upto Rs 100, valid once.
2) FoodPanda: Use FreeCharge for your first 2 orders and then keep using MobiKwik.
a. MobiKwik: 30% cashback on every third transaction, upto Rs 100.
b. FreeCharge: 25% cashback, maximum cashback Rs 75, valid on two transactions.
3) Swiggy: Use MobiKwik for your first order and then use FreeCharge twice.
a. Mobikwik: 10% + Rs.75 cashback on Swiggy, valid on first Swiggy.
b. FreeCharge: Flat Rs.75 cashback, minimum order of Rs.75, valid twice.
4) Dominos: Use Freecharge twice, and then Mobikwik for further orders.
a. Mobikwik: upto 100% cashback, assured 2% cashback up to Rs 100.
b. FreeCharge: Flat Rs.75 cashback, minimum purchase of Rs 75, valid twice.
i) FreeCharge seem to focus on attractive offers for initial transactions on merchants to make consumer orders through various merchants that are listed with them, whereas MobiKwik seems to look at long term cashbacks more than attractive initial transactions..
ii) Depending on the offer, it is recommended to opt for FreeCharge offers first and then for the Mobikwik alternative is offering upto 100% cashback since the assured cashback by Mobikwik is 1% or 2%.
Currently the best new user mobile wallet balance account offers:
1. MobiKwik: Add Rs.10 and get Rs 50 cashback, use Coupon Code: Hindusthan. Valid once per new user.
2. FreeCharge: Get Rs 55 cashback on your first recharge or bill payment, use Coupon Code: Jan55. Valid once per new user.