Hyderabad: MobiKwik has emerged as the market leader among all the digital payment players (wallets, banks, payment banks) in the Immediate Payment Service (IMPS) fund transfer category in May by clocking Rs 362 crores in GTV (Gross Transaction Value).
The company has seen a 400 per cent growth in its funds transfer business in the last one year with GTV of Rs 4,344 crores.
According to NPCI (National Payments Corporation of India) data, MobiKwik commands over 26 per cent market share. The company has also recorded the highest average value per transaction Rs 5,363 which represents MobiKwik’s pole position in the segment. Funds transfer is an important category because it commands the highest average transaction value and MobiKwik is ahead of all players in this category.
The ‘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. MobiKwik’s user base comprises of over 107 million users, three million merchants and over 200 billers.
Speaking on the achievement, Upasana Taku, co-founder, MobiKwik, said “We are now targeting Rs 10,000 crores in IMPS GTV and over 20 million users to use our IMPS service in FY20.”