Digital payments: Wallets, banks to payment banks, check the No. 1 in India in this category

One of India’s leading FinTech companies has emerged as market leader among all the digital payment players (wallets, banks, payment banks) in the IMPS fund transfer category for May 2019. The platform has clocked Rs 362 crores in GTV (Gross Transaction Value) and has seen 400% growth in its Funds Transfer Business in the last one year with GTV of Rs 4,344 crores. According to the data shared by NPCI (National Payments Corporation of India), MobiKwik commands over 26% market share and has clocked Rs 362 crores in terms of value of total funds transferred from its wallet to bank, ahead of all major digital payment companies in India. 

Notably, the platform has also recorded the highest average value per transaction Rs 5,363 which represents MobiKwik’s pole position in the segment with genuine use case driven transactions. 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.

Speaking on the achievement, Upasana Taku, Co-Founder, MobiKwik, said “We are thrilled to see our leadership position in the IMPS Funds Transfer business ahead of all banks, payment banks and wallets in India. This clearly shows that our efforts to build a secure fintech platform are being appreciated by users. We are now targeting INR 10,000 crores in IMPS GTV and 20+ Million users to use our IMPS service in FY20. ”

MobiKwik is now the first Indian owned company to have successfully launched and enrolled customers under its full stack of financial services – digital wallet, lending, insurance, investments in Mutual Funds and gold and payment gateway.

The company claims to have a user base of over 107 million users, 3 million merchants, and over 200 billers. 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.