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Mobikwik launches Magic

Friday, February 09, 2018

MobiKwik, India’s largest issuer-independent digital financial services platform, and a mobile wallet major, has announced the launch of Magic – India’s first digital platform for end-to-end corporate processes, rewards & reimbursements. Magic is a SaaS-based institutional platform that aims to radically reform the employee benefit and reimbursements process by eliminating the constant challenges faced by both the employer and the employee.

The employee benefit and reimbursements industry in India is estimated at Rs 51,600 crores and is largely paper based. MobiKwik Magic aims to revolutionise the space with its pioneering digital enterprise solutions suite, thereby supporting corporates in saving time and resource costs. The product offering includes employee benefits such as reimbursements for food, fuel, medical, phone, LTA and other company benefits  - all accessible digitally for both corporations and employees on the MobiKwik app.

“With the launch of Magic, we introduce a technology based revolution that will ease corporate processes, thereby simplifying lives of millions of employees in India.  We aim to eliminate the estimated processing cost of Rs 60 million for organisations, and benefit over 5 mn users by 2020.”  said Bipin Preet Singh, Co-founder and CEO, MobiKwik.

The company has been piloting the product for two months and has acquired 2.5 lakh employees from 32 companies as of now. It is targeting to up the total number of employees to 50 lakh, handle transactions of Rs 8,400 cr and process three crore bills, which will help save Rs 6 cr for clients, Singh said.

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