MobiKwik has declared its position as the leading digital financial services platform in India, based on the transaction value of PPI Wallet payments in April and May 2024. Citing data from the Reserve Bank of India (RBI), MobiKwik reported a substantial increase in its market share, growing from 11% in March to 23% in May.
Pocket UPI: Driving Growth and Financial Inclusion
MobiKwik attributes this surge in growth to its innovative product, Pocket UPI. This feature allows users to make seamless, instant payments through their wallets across the UPI network without linking their bank accounts. This has not only expanded MobiKwik’s reach but also enhanced financial inclusion, particularly in Tier II and Tier III cities where the platform has seen widespread adoption.
Focus on User Experience and Security
In addition to Pocket UPI, MobiKwik emphasizes its commitment to providing a user-friendly app with robust transaction security measures. This focus on user experience and safety has further solidified the platform’s appeal to both consumers and merchants.
Market Share Excluding FASTag
MobiKwik clarified that it does not engage in FASTag issuance. Excluding FASTag-related transactions, the company claims a commanding 48% market share for PPI Wallet transactions by value in May 2024.
IPO Plans on the Horizon
This announcement comes on the heels of One MobiKwik Systems Ltd’s filing of preliminary papers with the Securities and Exchange Board of India (SEBI) in January, seeking to raise up to Rs 700 crore through an initial public offering (IPO).
MobiKwik’s recent surge in the digital payments landscape, fueled by its innovative Pocket UPI feature and focus on user experience, underscores its commitment to financial inclusion and innovation. With an impending IPO, MobiKwik is poised to further solidify its position as a key player in India’s digital financial services sector.
Add Comment