There are numerous mobile payment platforms which help people make payments online. One such platform is QuikWallet which was originally promoted by Livquik Technology in India. On Friday, QuikWallet was happy to announce that it has secured $1.6 million in follow on funding only. This funding came from one of its existing investors named Snow Leopard Technology Ventures.
This funding has been so vast that it helped QuikWallet to raise $2.1 million which sums up to more than 14 crores. They have further plans of raising more than $5 million in Series A financing which will help them reap more benefits from all over the world. With this, QuikWallet is making huge profits from such investments and funding. QuikWallet is a huge venture which provides services to more than 1,000 restaurants and small merchants all over. On an average, it earns a gross transaction value, termed as GTV, of about 50, 00,000. This is a huge number and QuikWallet is scaling heights of success which each passing month.
Initially, QuikWallet started its business as a payment mode for top notch restaurants and pubs. Later on, it included a loyalty app for restaurants too, and thus evolved into an app which serves a diverse range of merchant categories. Today, QuikWallet services include small neighbourhood restaurants, florists, car centres, and also educational institutes. Thus, QuikWallet act as a platform between the service providers and the consumers. This has helped the customers make easy payments and see the deductions accordingly.
Recently, QuikWallet underwent many changes in its app so that the users can use it in a better way, making way for progress and profits. Now, this platform helps the merchants collect online as well as offline payments. Not only this, they can even manage their transactions offline. This will highly reduce the need of internet while making or receiving payments.
In a recent interview with Mohit Lalvani, co-founder and chief executive of Livquik Technology, he was of the view that there is a thin line between offline and online which is diminishing day by day. This has also increased competition to a high extend. Banks need to revise their technology to maintain a level and have come up with a similar solution for their customers. He also stated that they are having discussions to expand their offerings to customers to go on with offline as well as online modes and solve all the issues. Provisions are being made to help the customers make payments using solely SMS and NFC tags. This will highly eliminate the barrier of data connection and requirements of accurate hardware terminals.
In short, QuikWallet is an excellent interface to connect consumers and merchants, bringing them on a common ground. This also helps in enabling consumer transactions and businesses. They have taken care to have all the necessary data security certifications in place. Of late, they have applied to the Reserve Bank to grant them with semi-closed prepaid payments license. This will highly help QuikWallet scale heights of success.