New Delhi-based MobiKwik was initially set up as a website where customers could create a wallet account, load money from either credit or debit cards or via net banking and then recharge prepaid cell phones. In 2013, it got a licence to run semi-closed wallet services and has tied up with online players such as eBay, BookMyShow, ShopClues, Jabong and Myntra. It is the only company that has tie-ups with offline retail merchants such as Dunkin’ Donuts, Café Coffee Day, Big Bazaar and Barista. Co-founder Bipin Chandra Singh clarifies that the company is not looking to get into the remittance business. “Smartphones provide the best user experience, and as the penetration increases gradually, they will become the de facto medium for making payments. I don’t see the assisted retail model of remittance lasting beyond five years.”