Eyeing a 200 per cent growth in footprint, Indian mobile wallet major, MobiKwik said the gross merchandise value (GMV) of its food vertical would reach US $400 million by the end of 2017 as it expands its reach in the online and offline segments pan India.
Restaurants who have already gone cashless with MobiKwik include Dominos, Burger King, Sagar Ratna, Sarvana Bhavan, Olive, Soda Bottleopenerwala, Fatty Bao, Monkey Bar, Bikanerwala, Chaayos, Wang’s Kitchen, Bercos, Taco Bell, Slice of Italy, Junkyard cafe, Vault Cafe, Wow Momos, Pan India Foods (Gelato Italiano, Coffee Bean and Tea Leaf), Mirah Hospitality (Rajdhani, Falafal), Amici, Pita Pit, Havmore, Eatsome and Rollsmania. The company also powers payments at Zomato, Swiggy, Food Panda, Faasos and others.
“We are observing massive growth throughout the food sector. Be it online food ordering or eating out at an outlet, masses in India are developing a habit of paying cashless within seconds.,” Chief Business Officer, MobiKwik, Vineet Singh said.
Singh added, “Food vertical will be one of our key growth drivers in 2017 and we are working aggressively to cover Pan-India food outlets and register a 200 per cent increase in our footprint in the year. The sector is expected to contribute over US $400 million to our GMV in 2017.”
According to an industry report, the growing trend of eating out in our country is being led by young population and increasing disposable income. The quick service restaurant chains in India are expected to grow to US $5.6 billion by 2020. Overall, India’s food market is expected to grow to US $240 billion by 2020.
The rising eating out culture and changing eating habits open up a huge opportunity for digital payments in the sector.
Users can load money in their MobiKwik wallet either through net banking, cash deposit or by using their credit/debit cards. The company has over 4.5 crore users and 14 lakh merchants in India.