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Tag: MobiKwik

MobiKwik gains market share, becomes largest Wallet player

Bengaluru, India – July 10, 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.

Upasana Taku, Co-founder & CFO, MobiKwik

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.

How to use MobiKwik Pocket UPI for simplified UPI payments

The fintech sector has rapidly evolved by leveraging technology to offer cutting-edge solutions that enable users to manage their finances more effectively and securely.

However, recent data from the Reserve Bank of India (RBI) reveals that during the first half of FY24, over 14,000 banking-related scams took place. As these scams become more sophisticated, fintechs are proactively implementing solutions to strengthen the security and trust of their users.

MobiKwik Pocket UPI

MobiKwik, a fintech company is leveraging the power of UPI by enabling its users to make safe transactions with Pocket UPI – a powerful feature that enhances the functionality of its digital Wallet. Pocket UPI enables users to leverage their MobiKwik Wallet to make payments across all operators’ QRs and UPI IDs seamlessly, without directly linking the bank account.

Pocket UPI enhances security by reducing repetitive exposure to the bank account while making UPI payments. It is a convenient option to make UPI payments for minor and recurring expenses, as it consolidates minor and recurring expenses, decluttering bank statements for improved financial visibility. It works 24/7 even during bank downtimes.

How to get started with Pocket UPI? The process is easy:

First, scroll down on the MobiKwik app and select Pocket UPI. To create your Pocket UPI ID, you must first complete the KYC.
Load your MobiKwik Wallet. You can add balance to your Wallet using UPI, debit cards and credit cards.
Once your balance is topped up, you can start making UPI payments through the Wallet to any QR code, contact, and UPI ID.

How to pay using Pocket UPI?

Tap on the scan icon.
Scan the recipient’s QR code or enter the name/phone number/UPI ID in the bottom bar.
Enter the desired amount.
Choose Pocket UPI from the drop-down menu.
Tap on confirm payment.

Once the payment is made, MobiKwik will send you an alert via text message to confirm the payment along with the remaining balance in your Wallet.

To learn more about how Pocket UPI works, please take a look at our blog. You can also check out this video to see Pocket UPI in action: Know how to use Pocket UPI.