2024-07-10 02:41:09
MobiKwik (One MobiKwik Systems Limited), one of India’s largest digital financial products and services platforms, has achieved a significant milestone by registering the highest ever PPI wallet transactions by value in the months of April and May 2024.
According to data published by the Reserve Bank of India (RBI), MobiKwik has increased its market share in financial transactions through PPI wallets for purchase of goods and services as well as fund transfers. The company has increased its market share by value from 11% in March 2024 to 20% in April and 23% in May.
MobiKwik’s new product, Pocket UPI, has played a vital role in increasing the company’s market share and making payments easier for users. Pocket UPI provides users with a convenient way to make instant payments through their wallets on the UPI network without linking their bank account, helping users to manage their money effectively.
Moreover, the company attributes its growth to the massive acceptance of its platform in tier II and III cities. Its user-friendly app and transaction safety mechanisms are designed to protect both consumers and merchants.
Speaking about this milestone, Upasana Taku, Co-Founder and CFO, MobiKwik said, “The company’s strong growth in PPI wallet market share reflects the company’s focus on introducing innovative, secure and user-friendly financial products to the market. We remain committed to our goal of financial inclusion through technology-driven solutions.”
Elaborating on the market share, he said, “MobiKwik is not in the business of issuing FASTags. Excluding FASTag-related transaction value, MobiKwik had a 48% market share for PPI wallet transactions by value in May 2024.”
According to strategy consulting firm RedSeer, ‘A like-for-like comparison shows that MobiKwik had ~48% share of PPI wallet GMV in May 2024. MobiKwik does not provide Fastag services. Keeping this in mind, the GMV of NETC Fastag has been excluded from the total PPI wallet GMV for comparison. PPI wallets of most banks are primarily used for Fastag transactions. Hence, in this analysis, it has been assumed that all Fastag transactions recorded on NETC are completed only through the wallet.’
As Digital India grows, MobiKwik aims to maintain its strong market position and aid the future of digital finance in India.