01 September 2016 Current Affairs: India's largest digital payment company, MobiKwik has announced coalition with 12 state electricity boards. The MobiKwik took this initiative ahead of its expansion plan to set up a national base for utility payments. Bihar, Madhya Pradesh, Odisha, Tripura, Meghalaya, Calcutta, Rajasthan and union territories of Daman and Diu are the states inclusive in the coalition agreement.
Apart from the coalition with the new electricity boards of the states, it already has bonds signed with companies like IRCTC, Uber, Meru Cabs, Big Bazaar, OYO Rooms, Zomato, PVR, Archies, WHSmith India, BookMyShow for the powering the payments.
MobiKwik : MobiKwik is a mobile wallet and online payment system where a user can store money to make mobile and DTH recharge, pay utility bills and shop using wallet with over 50,000 merchants.The MobiKwik wallet has to be loaded with money once before it can be used across functions. MobiKwik provides users the option to add money using their debit or credit card, net banking, and ‘cash pay’, a doorstep cash collection service. MobiKwik wallet is a semi closed wallet authorized by Reserve Bank of India.