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MobiKwik gains market share, becomes largest Wallet player

MobiKwik gains market share, becomes largest Wallet player

  • Records 23% share in the total value of financial transactions through PPI Wallet in May 2024
  • As per RedSeer Strategy Consultants, the Company had a 48% share of PPI Wallet by value excluding FASTag in May 2024

Bengaluru, India – July 09, 2024: MobiKwik (ONE MOBIKWIK SYSTEMS LIMITED), one of India’s largest digital financial products and services platforms[1], has achieved a significant milestone by recording the largest number of PPI Wallet transactions by value for the months of April and May 2024.

According to data published by the Reserve Bank of India (RBI), MobiKwik has gained its market share in financial transactions through PPI Wallet for purchasing goods and services, as well as for fund transfers. The Company saw its market share by value[2] grow from 11% in March 2024 to 20% in April, and further to 23% in May.

MobiKwik’s 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, the Company attributes this growth to the 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.

Commenting on the milestone, Upasana Taku, Co-founder & CFO of MobiKwik, said, “The Company’s growth in PPI Wallet market share is a testament to our focus on bringing innovative, secure, and user-centric financial products to the market. We remain committed to our goal of financial inclusion through technology-driven solutions.”

Elaborating on the market share, she added, “MobiKwik is not in the business of FASTag issuance. MobiKwik commanded a 48% market share for PPI Wallet transactions by value in May 2024, after excluding FASTag-related transaction value.[3]

As per RedSeer, a strategy consulting firm, “On the like-to-like comparison, MobiKwik has ~48% share of the PPI wallet GMV in May 2024.  MobiKwik does not offer FASTag services. As a result, the GMV of NETC FASTag has been excluded from the total PPI wallets GMV when compared, as most banks’ PPI wallets are primarily used for FASTag transactions. In this analysis, it is assumed that all FASTag transactions recorded on NETC are processed solely through Wallets.”

As the Digital India landscape evolves, MobiKwik aims to sustain its market position and aid in the future of digital finance in India.

About MobiKwik

MobiKwik is a digital financial services platform that serves as a comprehensive provider of financial products and services. Its products range from payments to digital credit, investments, and insurance products enabling users to meet all their financial needs.

The company founded in 2008 by Bipin Preet Singh and Upasana Taku, started as a digital wallet and has since expanded into additional financial services such as MobiKwik ZIP – its Buy Now Pay Later (BNPL) credit, ZIP EMI that provides personal loans, merchant cash advances, wealth management, and insurance distribution.

MobiKwik has grown to serve over 146.94 million registered users across India, with a merchant network of 3.81 million as of September 30, 2023. The company holds a high market share on digital loan disbursement in tier 3+ cities. The Company remains committed to financial inclusion and the evolving needs of diverse consumer segments.

[1] By registered users in Fiscal 2023, as per RedSeer

[2] Data is derived from RBI – Entity wise PPI Statistics by considering the sum of value of purchase of goods and services and fund transfer of MobiKwik against the total value of purchase of goods and services and fund transfer of all entities.

[3] Data is derived from RBI – Entity wise PPI Statistics and NPCI – NETC FASTag Product Statistics by considering the sum of value of purchase of goods and services (excluding values related to FASTag per NETC) and fund transfer of MobiKwik against the total value of purchase of goods  and services (excluding values related to FASTag per NETC) and fund transfer of all entities.

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