Is MobiKwik App the Indian alternative to Chinese virtual payments apps?

After the Indian government issued an interim order to ban 59 Chinese apps amid rising tension along the Line of Actual Control (LAC), smartphone users have started looking for Indian alternatives to such apps. The Chingari app has already grabbed the attention of Indian users as an alternative to TikTok and now demands to switch to MobiKwik for payment purpose have started gaining momentum.

MobiKwik has emerged as a strong Indian alternative to PayTM, the payment system that has been denounced by many users for having Chinese investment. MobiKwik is a Gurgaon-based company which provides a mobile phone-based payment system and digital wallet. The company was founded by Bipin Preet Singh and his wife Upasana Taku in 2009. 

Funding from US- and Singapore-based firms

MobiKwik has received a series of fundings over the years from several foreign companies including Singaporean investment firm Tree Line Asia and American firm Sequoia Capital. In 2017, Bajaj Finance picked up 10.58 per cent stake in the mobile wallet company for around Rs 225 crore. The app has been downloaded more than 50 million times on Google Play Store with a decent 4.3 rating. The app can be used to transfer money instantly with MobiKwik UPI and can be also used to pay at local stores. 

Read: What Happens When An App Gets Banned In India And What Is Next For The 59 Chinese Apps?

Meanwhile, Prime Minister Narendra Modi quit the Twitter-like Weibo account in China, removing all photos, posts and comments from his official handle. China had earlier deleted statements from Indian officials, including PM Modi's speech from the Indian embassy’s official account on WeChat - China's popular social media app.

The latest move comes two days after India banned 59 Chinese Apps including video-sharing social media app Tik-Tok, stating that the government has received several complaints about the misuse of these apps for stealing and surreptitiously transmitting users’ data in an unauthorised manner to servers that have locations outside India. 

Read: What Is The Chingari App? Which Country Is The Chingari App From? Know Details Here