MobiKwik unveils Magic

2/08/2018

Mobile wallet firm MobiKwik has announced the introduction of Magic, a digital platform for seamless and paperless processing and transfer of rewards and reimbursements to employees working in the corporate sector.
The product offering includes employee benefits such as reimbursement for food, fuel, medical, phone, LTA and other company benefits. These will be accessible for both corporates and employees on a MobiKwik app.
The company said the employee benefit and reimbursement industry in India, estimated at ₹51,600 crore and is largely paper- based.
“With Magic, we are introducing a technology solution that will ease corporate processes, thereby simplifying the lives of million of employees in India. Magic makes the disbursal of employee benefits fast, simple and more efficient,” said Bipin Preet Singh, co-founder & CEO, MobiKwik in Mumbai.
“We aim to eliminate the estimated processing cost of ₹6 crore for organisations and benefit over 5 million users by 2020 thus achieving a revenue of ₹8,400 crore,” he added.