| Log in
Kavin Bharti Mittal, CEO, Hike

Messaging app Hike rolls out payment wallet

20 June, 2017

Instant messaging platform Hike Ltd has launched India’s first in-app payment wallet, as it seeks to gain an early-mover advantage over rival WhatsApp.

The wallet will enable bank-to-bank money transfer via the government-backed unified payments interface (UPI) platform. It will also allow those who don’t actively use a bank account to send and receive money from their friends, Hike said on Tuesday.

“With more than 100 million registered users currently on Hike Messenger, this launch makes Hike the largest UPI-based platform in India overnight,” said founder and CEO Kavin Bharti Mittal.

Hike, founded in 2012 by Mittal, follows the lead of China’s WeChat, another messaging app and WhatsApp rival. WeChat parent Tencent Holdings Ltd had, in August last year, invested in Hike as part of a $175-million funding round.

WhatsApp, owned by Facebook Inc, had been preparing to enter the digital payment sector in India, its first such offering globally, and had advertised to hire a digital transactions lead in the country. WhatsApp has about 200 million users in India, a sixth of its user base globally.

Hike and WhatsApp are seeking to benefit from a rise in digital transactions in India after Prime Minister Narendra Modi’s shock ban of certain high-value bank notes in November last year. The note ban also gave a push to the UPI, which was launched by the National Payments Corporation of India in August last year to facilitate digital payments.

Meanwhile, Hike also unveiled a redesigned version of its app, called Hike 5.0, which comes with the wallet feature, a revamped camera and enhanced security features. The company is partnering with Yes Bank to launch the wallet.

With Hike 5.0, users can recharge their phones and pay postpaid bill from within the Hike platform. Additionally, Hike is introducing Blue Packets, which are personalised digital envelopes that can be used to send money to friends as gifts—the money will be transferred to the user’s Hike wallet.

“With our wallet, we are looking beyond transactions. We believe money can be the latest form of expression,” Mittal said on the sidelines of an event in Delhi.

Mittal said some of the new wallet features were inspired by Chinese investor Tencent. “Over the last six months, we’ve been working to bring a brand new experience to our users,” he said. “Hike 5.0 is our most ambitious step in that direction till date.”

Like this report? Sign up for our daily newsletter to get our top reports.

Leave Your Comment
India's youngest unicorn Hike says bye-bye to monetisation

India’s youngest unicorn Hike says bye-bye to monetisation

Dearton Thomas Hector 6 months ago
Hike Pvt. Ltd, the messaging app operator that touched $1.4 billion in valuation...
Messaging app Hike acqui-hires Tewee maker Creo

Messaging app Hike acqui-hires Tewee maker Creo

Arti Singh 9 months ago
Hike Messenger has acqui-hired Bangalore-based technology startup Creo, a...
Hike Messenger acquires social networking app Pulse

Hike Messenger acquires social networking app Pulse

Disha Sharma 11 months ago
Hike Messenger Ltd, which is operated by Bharti SoftBank Holdings Pte. Ltd, has...
No Comments

Messaging app Hike rolls out payment wallet

Powered by WordPress.com VIP