MobiKwik gains market share, becomes largest wallet player

MobiKwik gains market share becomes largest Wallet player in terms of PPI Wallet transactions. MobiKwik has become the largest digital financial services platform in terms of PPI Wallet transactions by value for April and May, the company said on Monday.

Quoting Reserve Bank of India (RBI) data, MobiKwik said it has gained its market share in financial transactions through the Prepaid Payment Instrument (PPI) Wallet during the two months.

The company saw its market share by value grow from 11 per cent in March 2024 to 20 per cent in April and further to 23 per cent in May.
According to MobiKwik Co-founder & CFO Upasana Taku, the new product Pocket UPI has played a significant role in expanding its reach and bringing ease of payment to the users.

Pocket UPI offers users a seamless way to make instant payments through their Wallets across the UPI network without linking their bank account, further helping users manage their finances effectively.

Additionally, she said, this growth has come on the back of widespread adoption of its platform in Tier II and Tier III cities. Its user-friendly app and transaction security measures are designed to assist consumers and merchants alike.

"MobiKwik is not in the business of FASTag issuance. MobiKwik commanded a 48 per cent market share for PPI Wallet transactions by value in May 2024, after excluding FASTag-related transaction value," she told PTI.

It is to be noted that One MobiKwik Systems Ltd filed its preliminary papers in January with markets regulator Sebi to raise up to Rs 700 crore through an initial public offering.

Other major players in the segment include Amazon Pay and Phonepe.