07 February 2018, India:
Digital financial services platform Mobikwik has launched its Saas based solutions suite Magic. The product is aimed to radically reform the employee benefit and reimbursements process by eliminating the constant challenges faced by both the employer and the employee.
Bipin Preet Singh, Co-founder and CEO of Mobikwik said, “Today, 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. Magic makes the disbursal of employee benefit fast, simple and more efficient than ever. We aim to eliminate the estimated processing cost of ₹60 million for organisations, and benefit over 5 million users by 2020.”
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. The company has partnered with a few leading corporates across sectors to digitise their corporate processes, Mobikwik said in a statement.
Bikram Singh, Business Head and Senior Director, MobiKwik, said: “With several new developments such as UPI as well as the launch of the ‘Digital India’ campaign in conjunction with Fintech players already live in the Indian payments ecosystem, the vision of a digitally-driven Indian economy is fast becoming a tangible reality.”
Bikram Singh added, “Our solution was to create a seamless solution that is income tax compliant and offers a better value proposition to corporate than any other solution out there.”
The solution suite Magic can be used across the 3 million merchant network. It offers instant payment with turn-around-time as less as 24 hours.
(Image – SmartPriceDeal)
