- Records 23% share in the total value of financial transactions through PPI Wallet in May 2024
- As per Redseer Strategy Consultants, MobiKwik commands a 48% share of PPI Wallet by value, excluding FASTag
Gurugram, India – July 08, 2024: MobiKwik (ONE MOBIKWIK SYSTEMS LIMITED), one of India’s leading digital financial services platforms, has achieved a significant milestone by becoming a market leader in PPI Wallet transactions by value for the months of April and May 2024.
According to data published by the Reserve Bank of India (RBI), MobiKwik has rapidly gained market share in financial transactions through PPI Wallet for purchasing goods and services, as well as for fund transfers. The Company saw its market share by value grow from 11% in March 2024 to 20% in April, and further to 23% in May.
MobiKwik’s new product, Pocket UPI has played a crucial role in expanding its reach and bringing ease of payment to the users. Pocket UPI offers users a seamless way to make instant payments through their Wallets across the UPI network without linking their bank account, further helping users manage their finances effectively.
Additionally, the Company attributes this growth to the widespread adoption of its platform in Tier II and Tier III cities. Its user-friendly app and robust transaction security have resonated well with consumers and merchants alike.
Commenting on the milestone, Upasana Taku, Co-founder & CFO of MobiKwik, said, “The Company’s growth in market share is a testament to our focus on bringing innovative, secure, and user-centric financial products to the market. We remain committed to our goal of financial inclusion through technology-driven solutions.”
Elaborating on the market share, she added, “MobiKwik is not in the business of FASTag issuance. MobiKwik commanded 48% market share for PPI Wallet transactions by value in May 2024, after excluding FASTag-related transaction value.”
As the Digital India landscape evolves, MobiKwik is well-positioned to sustain its leadership and drive the future of digital finance in India.
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