Mobile wallet company MobiKwik today announced that it has seen a 150 per cent jump in its merchants base since the Government’s announcement of demonetizing Rs 500 and 1000 currency notes. From a 100,000 merchant base in the pre-currency ban, the company has seen an addition of new 150,000 merchants already and now has a network of over 250,000.
This includes leading retail chains such as Big Bazaar, Croma, EZone, 98.4, Pantaloons etc. and local shopkeepers and sellers, the company said in a press release.
“Rather than us reaching out to merchants we have been witnessing a reverse interest, with merchants approaching us to get on board,” Co-Founder, MobiKwik, Upasana Taku said.
The company has also recently 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,” Taku pointed out.
MobiKwik has also said it will hire over 12000 agents to expand offline merchant network to over 10 lakh touch-points by the end of the current fiscal. The mobile wallet has registered an 18-fold growth in transactions since the announcement of demonetization 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.