MICROCAPITAL BRIEF: India’s Bharat Sanchar Nigam Limited (BSNL), Mobikwik Unveil Mobile Wallet

Bharat Sanchar Nigam Limited (BSNL), a telecommunications company owned by the government of India, and Indian “mobile wallet platform provider” Mobikwik recently announced a virtual wallet that allows users to make purchases at 1.5 million stores as well as “making purchases on e-commerce sites, paying public transport fees, and topping up airtime” for mobile phones. Among the goals of the effort are lowering the amount of cash in circulation and “boost[ing] financial inclusion in semi-urban and rural parts of the country.”

Established in 2000, BSNL is headquartered in New Delhi and serves 100 million customers. As of 2016, it has net fixed assets valued at approximately Rs. 42,507 Crore (USD 6.6 billion) and claims a market share of 59 percent.

Founded in 2009, Mobikwik is an Indian private enterprise that provides a mobile payment system and digital wallet to approximately 40 million consumers.

By Aleks Marceau, Research Associate

Sources and additional information

Mobikwik Press Release:
https://www.mobikwik.com/press/release/bsnl-digital-wallet-developed-by-mobikwik-launched

BSNL home page:
http://www.bsnl.co.in

Mobikwik home page:
https://www.mobikwik.com

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