MobiKwik Claims To Become Largest Digital Wallet Player
The company recorded 23 per cent share in the total value of financial transactions through PPI Wallet in May 2024
MobiKwik, a digital financial products and services platform, 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 grow from 11 per cent in March 2024 to 20 per cent in April, and further to 23 per cent 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 and 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 per cent 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 per cent 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.”
