QuikWallet: Paying it quik & easy
QuikWallet's 29-year-old founder Mohit Lalwani tells us about his app and how he boycotts restaurants that won't use it.
The bill is delivered to your mobile phone and you pay by simply using the app where you can securely store your credit and debit cards. "I realised that with the PIN feature, paying bills in India had turned quite painful... it's just an unnecessarily long and tedious process. Plus, credit card fraud is on the rise," says Lalwani.
With QuikWallet, you just give your mobile number or name to the waiter, and the bill is delivered to your phone. You complete the payment by entering your CVV and banking password on your phone.
The app itself is secure, because once card details are stored, even you can't see the entire card number and have to create a PIN for access. Additionally, your receipts are stored too, so no more paper bills. Here, Lalwani tells us how QuikWal let came to be and where it's headed:
The trigger to develop this app was when at a cof fee shop, I didn't have any cash on me and their card machine wasn't working. I went to the ATM, which was also not working. So, I then had to log on to the store's website, fill up a gift card and pay for it through that. It was my only option.
Starting up in India
Our initial investment was Rs 20-25 lakh and we got the money by going out to investors. Honestly though, people need to move faster when it comes to investments here. There is just too much delay and people sit on things.
Luckily, we met an investor who had the right mentality — he wanted to get things moving. I also feel it's a nexus between the IIT and IIM communities. These funds usually come from people who went there and they tend to prefer investing in one of their own. But, we should put things in perspective; Steve Jobs didn't go to Stanford.
Unfortunately, the restaurant space — even abroad — hasn't adapted to technology well. In India, it was a big challenge to get these establishments on board. Some of the software systems we are integrating with are still running on software made it 1996! So, there are minor customisations needed for each restaurant.
No app? No, thanks
I have boycotted all the restaurants that did not agree to use QuikWallet (laughs). Currently, about 50 locations across Mumbai, Delhi and Bengaluru use the app. The number is expected to ramp up to 500 by the end of the year.
The Impressario Group was one of the first to embrace the app. We also plan to target large supermarkets soon. I am so used to my app that it frustrates me when I can't use it.
Where you can use QuikWallet
1. Smoke House Deli
2. Between Breads
3. Salt Water Café
4. British Brewing Company
5. Zaffran, etc.