MobiKwik Dominates PPI Wallet Market in Recent Months

MobiKwik has emerged as the largest digital financial services platform based on PPI Wallet transactions by value for April and May, as per RBI data. Its market share grew significantly due to the introduction of Pocket UPI and increased adoption in smaller cities. MobiKwik plans to raise Rs 700 crore via an IPO.

On Monday, MobiKwik announced that it has become the leading digital financial services platform by value for PPI Wallet transactions in April and May.

Using data from the Reserve Bank of India, MobiKwik reported a notable increase in its market share for financial transactions through the Prepaid Payment Instrument Wallet during these months.

The company's market share by value rose from 11 percent in March 2024 to 20 percent in April, further climbing to 23 percent in May.

According to co-founder and CFO Upasana Taku, their new product, Pocket UPI, has been crucial in broadening their reach and simplifying payments for users.

Pocket UPI allows users to make instant payments through Wallets across the UPI network without a bank account, enhancing financial management for users.

Taku highlighted that this growth is driven by widespread adoption in Tier II and Tier III cities, aided by MobiKwik's user-friendly app and robust transaction security.

She also clarified that MobiKwik is not involved in FASTag issuance but held a 48 percent market share for PPI Wallet transactions by value in May 2024, excluding FASTag transactions.

Furthermore, One MobiKwik Systems Ltd filed preliminary papers in January with SEBI to raise Rs 700 crore through an initial public offering.

(With inputs from agencies.)