MobiKwik registers 7000 per cent increase in bank transfers

MobiKwik registers 7000 per cent increase in bank transfers

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Mobile wallet company MobiKwik has today announced that the firm has registered a 7000 per cent increase in bank transfers since it allowed users to transfer money instantly to any bank account at 0 per cent fee.

MobiKwik registers 7000 per cent increase in bank transfers
The mobile payments network has over 1 lakh merchants and 35 million customers at present and has witnessed a 40 per cent increase in its mobile application downloads

“The idea behind announcing 0 per cent fee on bank transfers was to promote the adoption of mobile wallets among Indians. We have since observed growing confidence among masses, including users and unorganised merchants, who adopted to wallet payments without any hitch,” COO, , Mrinal Sinha said.

Read: Note Ban: MobiKwik slashes bank transfer fee to zero

Mobikwik said it has registered 18-fold growth in transactions since the announcement of that saw old Rs 500 and Rs 1,000 notes ceasing to be legal tender. Users can load money into their m-wallets using their credit/debit cards or netbanking.

Mobikwik CEO Bipin Preet Singh said, “We have super-accelerated our plans to reach small merchants and businesses simultaneously across top cities through multiple tie-ups, radio campaigns and SMS campaigns.”

The mobile payments network has over 1 lakh merchants and 35 million customers at present and has witnessed a 40 per cent increase in its mobile application downloads since the government’s announcement.

The company has even revised its monthly annualised Gross Merchandise Value (GMV) sales target by 10 times to USD 10 billion by 2017. “User traffic and merchant queries have also gone up by 200 per cent since the announcement of currency notes ban on November 9,” Bipin pointed out.

Read: ‘MobiKwik on delivery’ to replace CoD for leading e-commerce companies

The company has also launched ‘MobiKwik on delivery’ services to address the challenges being faced by e-commerce companies in operating the cash on delivery service. It offers customers options to pay through its digital services on delivery of products.