For India’s mobile wallet players, it’s survival of the fittest, not the fastest
Pictures might tell a story, but numbers instill life into it. Take, for instance, mobile wallet startup MobiKwik. Since last November, it’s been adding 10,000 merchants every day.
“We have doubled in last seven months,” says Upasana Taku, cofounder of the Gurgaon-based firm, which claims to have 55 million users and over 1.5 million merchants. We have a field force of thousand people, each acquiring 10 merchants every day, claims Taku.
It’s not only MobiKwik; the entire wallet market has exploded from Rs 33.05 billion last November to `73.12 billion in March this year. The wallet volume, however, has grown at a faster clip: from 99.57 million last October to 307.45 million in March according to Reserve Bank of India data.