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Xtra the MobikWik’s flexible investing product, launching with 12% returns

Launching with 12% returns, MobiKwik’s flexible investing product is called Xtra.

The largest independent mobile payment network in India, MobiKwik links over 30 million consumers with 75,000 merchants. You can use it to make one-tap purchases at your chosen stores, pay bills, recharge, send money, and accept payments.

Do you recall the excruciating wait you took to purchase a bus ticket? Or the time you lost a whole day waiting in line to pay an electricity bill only to find your wallet was stolen.

It’s time to stop using cash and pay quickly! You can now pay your bills instantly, recharge your phone, or purchase at your favourite retailers with just one tap! Additionally, you may take advantage of fantastic promotions and receive cashback on every MobiKwik transaction.

According to MobiKwik, India’s leading fintech startup, the launch of Xtra will soon give a billion phones access to financial services. Xtra is a novel approach to investing designed to meet the needs of young investors. It has no lock-in, daily interest credit at up to 12% annually, and a low initial deposit requirement of just INR 1,000. The Xtra offering aims to establish a new investing pattern among users of the user-friendly MobiKwik mobile app.

90% of Indians lack access to the appropriate financial products and the knowledge to make the most of their money. Every Indian is expected to save more money with the help of Xtra, which shows the best interest rate. With Xtra, customers can support and make money for brief periods of time or over longer periods of time.

mobikwik accepted

If Reema made an investment at the beginning of the month, her money would now be generating interest every day. She has now earned 0.5% on her deposit in those 15 days, maximizing her savings, even if she withdraws it on the 16th of the month to cover monthly costs. remarked Mukul Saxena, CEO of MobiKwik’s Financial Services.

“According to MobiKwik, “Xtra is an investment that allows you the option to earn up to 12% p.a. by lending directly to creditworthy customers,” according to the company’s website. Lendbox (Transactree Technologies Pvt Ltd), a peer-to-peer investing platform, is used for this.

Whether a resident or non-resident, any Indian over the age of 18 or a company with a PAN card and an Indian bank account in compliance is eligible to support with Lendbox. Another avenue for NRIs to support  Xtra is through an NRO bank account.

Start off with as small as Rs. 1000 and as much as Rs. 10 lakhs in your investment account. Since the interest on your investments is not reinvested, earnings will be regularly added to your account, which you can access whenever you choose.

“Before choosing the borrowers to whom the money will be provided, hundreds of information points of income and cost behaviour are discussed. The money from investors will be split among lakhs of borrowers into units of as little as 100 rupees. Investments are diversified and risk is decreased as a result, according to MobiKwik’s website.

mobikwik accepted here

The opening of Xtra was the joint responsibility of Lendbox, a P2P registered NBFC controlled by the RBI and Xtra. With Xtra, MobiKwik hopes to empower the Next Billion Indians by democratizing and digitizing savings and investments in a way that is tech-friendly and provides superior returns.

The fintech powerhouse claims that solutions like Xtra, which are flexible and alternative, may assist Indians in achieving financial independence and rendering significantly greater returns on their money.

Is MobiKwik Secured?

MobiKwik is truly secure. You can count on every dollar in your wallet. Additionally, you can make advantage of the additional in-app security options that are accessible on all mobile platforms. These include iOS, Windows, and Android. Both the desktop and mobile versions of the app’s website offer all of its functions. A seamless user experience is also provided by its straightforward UI.

MobiKwik made a foray into the offline world and turned on mobile payments for physical retailers including Big Bazaar, Domino’s Pizza, and many more. On July 18, 2013, it was granted the coveted Prepaid Payment Instrument license by the Reserve Bank of India.

The establishment of a Bharat Bill Payments Operating Unit (BBPOU), which will allow customers from both urban and rural areas of India to pay their utility and convenience bills using the MobiKwik wallet, has also got in-principle clearance from the RBI for the company.

The startup’s initial service was a website with a closed wallet feature, but over time, MobiKwik expanded its offering to include mobile apps. It has evolved into a full-stack fintech company today. Both bank transactions and loan applications are permitted. The business collaborates with NBFCs like DMI Finance, Bajaj Finance, and Aditya Birla.

mobikwik xtra launch

It offers a variety of loan choices, including term loans, credit lines, and fast 3-minute loans. Along with offering various other insurance products like Online fraud protection, dengue insurance, hospital cash, etc., to name a few, it has partnered with ICICI Lombard to provide accidental insurance.

With over 60 banks offering internet banking in India, numerous layers of identification on debit and credit cards, and a generally complex electronic payment experience for the user, the country’s payments market is fragmented. With a 1-click Payment flow that operates consistently on your phone, tablet, or computer, Mobikwik wallet payment solutions make all of that easier.

As a user, all you have to do to shop at any business without giving out your bank or card information is to trust it with your money. You can expect to receive special discounts and offers if you use the wallet in this location. By referring a friend to the app, one can also make money through it. Due to the company’s expansion into new industries and its sizable user base, MobiKwik is unquestionably here to stay. The business also has interesting future ambitions.-

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