Going up the success ladder!
- Achieved 400% Year on Year growth with Funds Transfer GTV of INR 4,344 crores
- Became market leader with INR 362 crores GTV in May ’19
- Targeting INR 10,000 crores GTV and 20+ Mn users for IMPS in FY20
MobiKwik has emerged as the market leader among all the digital payment players (wallets, banks, payment banks) in the IMPS* fund transfer category in the month of May 2019 by clocking INR 362 crores in GTV**. We have seen a 400% growth in our Funds Transfer Business in the last one year with GTV (Gross Transaction Value) of INR 4,344 crores.
According to NPCI data, we command over 26% market share and have clocked INR 362 crores in terms of value of total funds transferred from our wallet to bank, ahead of all major digital payment companies in India. We have also recorded the highest average value per transaction INR 5,363 which represents our pole position in the segment with genuine use case driven transactions.
Consumer Payments in India is driven by four large use cases:
1) Bill Payments
2) Merchant Payments
3) Funds Transfer
Funds Transfer is an important category because it commands the highest average transaction value for us. Being ahead of all players in this category clearly indicates the high degree of trust we enjoy with our users. Our popular ‘wallet to bank’ feature allows users to instantly transfer money to any bank account through the digital wallet. The service is used by small merchants who accept payments via MobiKwik as well as by users who have taken digital loans in their wallets.
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 INR 10,000 crores in IMPS GTV and 20+ Million users to use our IMPS service in FY20.
With a user base of over 107 Mn users, 3 million merchants, and 200+ billers, MobiKwik is proud to be the first Indian owned company to have successfully launched a full stack of financial services – digital wallet, lending, insurance, payment gateway as well as investments in mutual funds and gold.
* IMPS Fund Transfer = Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer system in India. IMPS service is extended through payment mobile apps, ATMs, Internet Banking, etc. Through IMPS a user can transfer funds from its wallet to its bank account. Unlike NEFT and RTGS, the service managed by NPCI is available 24/7/365 days, including on bank holidays.
** GTV = Gross Transaction Value