After Snapdeal, Mobikwik files patent for payment platform

Few days after Snapdeal filed patent for its indigenously developed payment platform, Mobikwik has now requested for patent for its power wallet.

Mobikwik’s power wallet, customers can make payments on the retailer’s platform without being re-directed to Mobikwik for payments.

Snapdeal-owned Free-Charge had filed patent for its alternative to the SMS-based one-time-password.

Mobikwik claims almost 100% success rate in processing payments compared with the industry average of about 60%.

"The implementation of power wallet can also be done through tap payments or through the nearfield communications technology where retailers can accept contact-less payments," Bipin Preet Singh, founder and CEO of Mobikwik told ET, adding “it is a pretty unique proposition; worldwide there is no such thing since a person's identity, authentication and payment can all be done under the retailers interface by using the underline technology system off the shelf.”

It seems filing patents has become a fad among new age payment companies.