New Delhi: MobiKwik, India’s largest independent mobile wallet, today said it has registered a 7000% increase in bank transfers since it allowed users to transfer money instantly to any bank account at 0% fee.
“The idea behind announcing 0% fee on bank transfers was to promote the adoption of mobile wallets among Indians. We have since observed growing confidence among masses, including users and unorganised merchants, who adopted to wallet payments without any hitch,” Mrinal Sinha, COO of MobiKwik said.
Mobikwik said it has registered 18-fold growth in transactions since the announcement of demonetization that saw old Rs 500 and Rs 1,000 notes ceasing to be legal tender. Users can load money into their m-wallets using their credit/debit cards or netbanking.
Mobikwik CEO Bipin Preet Singh said, “We have super-accelerated our plans to reach small merchants and businesses simultaneously across top cities through multiple tie-ups, radio campaigns and SMS campaigns.”
MobiKwik has been in the forefront of India’s fight against black money & corruption and is committed to make mobile payments ubiquitous in the country.
The mobile payments network has over 1 lakh merchants and 35 million customers at present and has witnessed a 40 per cent increase in its mobile application downloads since the government’s demonetisation initiative.
MobiKwik has even revised its monthly annualised Gross Merchandise Value (GMV) sales target by 10 times to USD 10 billion by 2017. “User traffic and merchant queries have also gone up by 200 per cent since the announcement of currency notes ban on November 9,” Bipin pointed out.
It has launched a new service “MobiKwik on delivery” to address the challenges being faced by e-commerce companies in operating the cash on delivery service. It offers customers options to pay through its digital services on delivery of products.
MobiKwik had earlier introduced cash pickup services where an agent comes to the user’s house to collect cash to load the wallet, currently available in Delhi, Gurgaon, Mumbai and Jaipur.
In addition MobiKwik is reaching out to autorickshaw and cab drivers who are opting for a mobile wallet for a hassle-free payment method. Online train ticket booking platform IRCTC is among the companies that accept MobiKwik’s wallet for transactions.
MobiKwik is India’s largest independent mobile payments network, connecting 35 million users with one lakh retailers. Founded in 2009 by Bipin Preet Singh and Upasana Taku, the company has raised three rounds of funding from Sequoia Capital, American Express, Tree Line Asia, MediaTek, Net1, GMO Payment Gateway and Cisco Investments.
One of the leading digital payments platforms for online and offline merchants, MobiKwik is powering payments for IRCTC, Uber, Meru Cabs, Big Bazaar, OYO Rooms, Zomato, PVR, Archies, WHSmith India, BookMyShow, Grofers, Big Basket, Dominos, Burger King, Pizza Hut, eBay, ShopClues, Myntra, Jabong, Pepperfry, Barista, Food Panda, Nearbuy, Van Heusen, Allen Solly, Louis Phillips, GoDaddy, MakeMyTrip.