MobiKwik fund transfer business grows 400%
According to NPCI data, MobiKwik commands over 26% market share and has clocked Rs 362 crore in terms of value of total funds transferred from its wallet to bank.
Upasana Taku, co-founder, MobiKwik, said “We are thrilled to see our leadership position in the IMPS funds transfer business. We are now targeting Rs 10,000 crores in IMPS GTV and 20+ million users to use our IMPS service in FY20.”
According to NPCI (National Payments Corporation of India) data, MobiKwik commands over 26% market share and has clocked Rs 362 crore in terms of value of total funds transferred from its wallet to bank. The company claims to have recorded the highest average value per transaction of Rs 5,363. Consumer payments in India are driven by four large use cases: Bill payments; merchant payments; funds transfer and UPI.
The ‘wallet to bank’ feature allows users to instantly transfer money to any bank account through the digital wallet. The service is used by small merchants who accept payments via MobiKwik as well as by users who have taken digital loans in their wallets. MobiKwik has launched and enrolled customers under its full stack of financial services – digital wallet, lending, insurance, investments in mutual funds and gold and payment gateway. It’s user base comprises over 107 million users, three million merchants, and 200+ billers, the release added.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik has raised four rounds of funding from investors including Sequoia Capital, American Express, and Net1 of close to $120 million.