Card network giant American Express (Amex) has joined hands with fintech company Mobikwik in a bid to launch its first prepaid payments card with flexible credit limit.
The partnership has been initiated with a Non-Bank to provide help to Mobikwik upgrade from a wallet operator to a financial services-led fintech player, while assisting Amex in entering the fintech player’s existing customer base.
Furthermore, the company is aiming to serve around a million customers with digital cards on Mobikwik’s platform, linked with the customer’s wallet accounts.
“The launch of the MobiKwik Blue Card is a milestone in our journey of becoming a full stack fintech platform, bringing Financial Inclusion to the Indian masses and delivering on the promise of Digital India,” said Upasana Taku, the chief operating officer and co-founder of Mobikwik.
“Strategically, the Card increases MobiKwik’s ubiquity at point-of-sale and furthers our aspiration to become India’s largest Digital Credit platform,” Taku added.
The digital card will help the customers in accessing instant credit limit of up to Rs 1 lakh, which will be underwritten by Mobikwik.
As per Divya Jain, vice president and head of global network services, India and South Asia, at American Express, the alliance with Mobikwik would be first of its kind tie-ups with non-banks players to expansion of its merchant and customer base in India.