MobiKwik sees 150% jump in merchant, thanks to demonetisation

MobiKwik, India’s independent mobile wallet today said that it has seen a 150 per cent jump in its merchants base since the government’s announcement of demonetisation. 

From a 100,000 strong merchant base in the pre-currency ban, MobiKwik 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.  

MobiKwik has even revised its monthly annualised Gross Merchandise Value (GMV) sales target by 10 times to $10 billion by 2017. 

Upasana Taku, co-founder, MobiKwik said, “Rather than us reaching out to merchants we have been witnessing a reverse interest, with merchants approaching us to get on board."  

“MobiKwik is at the forefront of India’s fight against black money and corruption and we are committed to make mobile payments ubiquitous in the country,” added Upasana. 
 
MobiKwik has also said it will hire over 12,000 agents to expand offline merchant network to over 10 lakh touchpoints 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.

The company has launched a new service "MobiKwik on delivery" 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. 

In addition MobiKwik is reaching out to autorickshaw and cab drivers who are opting for a mobile wallet for a hassle-free payment method. Online train ticket booking platform IRCTC is among the companies that accept MobiKwik's wallet for transactions.