Digital payments: MobiKwik registers 400% growth in fund transfer

MobiKwik, a FinTech company, has witnessed a 400 percent growth in its Funds Transfer Business in the last one year with gross transaction value (GTV) of Rs 4,344 crore, the company said in a statement. In May 2019, the company has clocked Rs 362 crore in GTV In the IMPS fund transfer category. MobiKwik said it targets Rs 10,000 crore in GTV and more than 20 million users for IMPS in FY20.

According to NPCI (National Payments Corporation of India) data, MobiKwik commands over 26 percent market share and has clocked Rs 362 crore in terms of the value of total funds transferred from its wallet to bank. The company has also recorded the highest average value per transaction Rs 5,363, it said. 

Consumer Payments in India is driven by four large use cases: Bill Payments, Merchant Payments, Funds Transfer and UPI. Funds Transfer is an important category because it commands the highest average transaction value.

The ‘wallet to bank’ feature allows users to instantly transfer money to any bank account through the digital wallet.

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 Rs 10,000 crore in IMPS GTV and 20+ Million users to use our IMPS service in FY20. ”

Founded by Bipin Preet Singh and Upasana Taku in 2009, MobiKwik has raised four rounds of funding of close to $120 million from investors including Sequoia Capital, American Express, and Net1.