MobiKwik witnesses 200 percent growth due to currency ban

MobiKwik witnesses 200 percent growth due to currency ban

While the ban imposed on Rs. 500 and Rs. 1000 notes is drastically affecting the lives of many, mobile wallet service MobiKwik has emerged as one of its prime beneficents. The company has formally announced that the currency ban has increased merchant queries to its platform by 200 percent.

Following the latest move by the central government to curb black money, MobiKwik has witnessed a 40 percent increase in app downloads and user traffic. The Gurgaon-based company is considering this development as a “big opportunity” for its future growth.

“We see this shift from cash to e-cash as the next ‘big opportunity’. The exhilaration at MobiKwik is not without a reason,” said Bipin Preet Singh, founder and CEO, MobiKwik, in a press statement.

MobiKwik has launched a helpline number to help customers using its online platform. Additionally, the company is partnering with online retailers like Myntra, Jabong, Big Basket and Grofers to expand its mobile wallet and offer cashless transactions.

“We are prepared to support secure, swift and seamless payments for over 150 million users and have taken special initiatives to extend our support to users and merchants to help them adapt digital payments,” Singh stated.

Going forward, MobiKwik is aiming to cross one million merchants in the next 30 days and reach the mark of 10 billion GMV by 2017.

Online payment systems greatly profited

Not only MobiKwik but other online payment systems such as Paytm and SBI Buddy are also greatly profited through the latest decision by the government. On Wednesday, One97 Communications-owned Paytm touched a record Rs. 5 million transactions a day, surpassing the previous mark of Rs. 3 million transactions.

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