MobiKwik Leads PPI Wallet Transactions Surge

MobiKwik has emerged as the top digital financial services platform in terms of PPI Wallet transactions by value during April and May. Leveraging RBI data, the company saw its market share increase significantly, credited largely to its innovative Pocket UPI product, with notable adoption in smaller cities.

MobiKwik has solidified its position as the leading digital financial services platform in terms of PPI Wallet transactions by value for April and May, the company announced on Monday.

Citing data from the Reserve Bank of India (RBI), MobiKwik revealed a remarkable gain in market share for financial transactions through its Prepaid Payment Instrument (PPI) Wallet, witnessing growth from 11 percent in March 2024 to 20 percent in April, and further escalating to 23 percent in May.

According to Co-founder and CFO Upasana Taku, the company's new offering, Pocket UPI, has been instrumental in enhancing customer reach and simplifying payments, especially in Tier II and Tier III cities. This seamless payment method allows users to make instant transactions across the UPI network without requiring a bank account linkage.

Taku emphasized that this growth excludes FASTag-related transactions, with MobiKwik claiming a 48 percent market share for PPI Wallet transactions by value in May 2024. The company has also filed preliminary papers with the Securities and Exchange Board of India (Sebi) to raise up to Rs 700 crore through an IPO. Competing players in the segment include Amazon Pay and PhonePe.

(With inputs from agencies.)