Mobikwik Eyes Big Chunk Of India’s Mobile Wallet Market

Wednesday, April 2, 2014

Smartphone growth has led to the growth of many companies and MobiKwik is one of them. Started in 2009, MobiKwik is a closed wallet company which records around 100,000 transactions every day.

The company is growing by six to eight times every year and hopes to continue this pace by 2014-15. However, this projection depends on the smartphone growth in the country. “Our growth depends on the adoption of smartphones by the consumers. As the prices of smartphones come down and the adoption increases so does the usage of our product,” explains the CEO and Founder of MobiKwik, Bipin Preet Singh.

“We have two million customers on Android, 4.5 million on iPhones and half a million on Windows. We differentiate ourselves by offering innovative services like cash pay service. Somebody from our team will visit you and collect the cash and will deposit it in your mobile wallet,” says Singh. The company aims to have 15 million customers by the end of the current year.

Source: Light Reading India (link opens in a new window)

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digital payments, mobile finance, mobile money