New Delhi, Jul 22 : FinTech company MobiKwik on Monday announced it has set a target of Rs 1.4 lakh crores in annual payment volume for its Payment Gateway (PG) business.
"MobiKwik has been demonstrating a strong focus on profitability overall; in the PG business the company broke even in April 2019 and is profitable in every month since. The company reported a profit of 70 lakhs in the month of June 2019," said MobiKwik Co-Founder Upasana Taku in a statement. A BCG-Google research estimates the Indian digital payments industry is estimated to touch $500 billion by 2020 and will contribute 15 per cent to the country’s GDP. Meanwhile, another report by Credit Suisse Group AG estimates that the Indian digital payments market will increase five-fold from the current $200 billion to $1 trillion by the year 2023.
Payment Gateways are the backbone of India’s booming digital payments market and MobiKwik is poised to grab a large chunk of this high growth $1 trillion market. MobiKwik Payment Gateway powers payments across sectors like fintech, e-commerce, food, travel, logistics, gaming, auto, etc. Its customers are market leaders in their categories such as Uber, IRCTC, Dream11, Bajaj Finance, Zomato, Grofers, Blue Dart, Delhivery, Dominos, Maruti Suzuki, Hyundai, etc.
MobiKwik is aggressively adding new merchants in high growth verticals such as E-commerce, Fintech, Travel, Telecom, Food, Education and Gaming to meet its goal of 1.4 lac crores Payment Volume.
"The gateway product was originally developed in 2012 with the singular objective of providing the best success rate for loading of money in its own consumer wallet app. Since the wallet business was primarily app focused, MobiKwik PG built deep tech to ensure highest success rates on cheap mobile handsets, poor network connections, etc," she added. (UNI )