Enabling Technologies

MobiKwik Processes 5 Lakh Transactions in 3 Months in Brick-and-Mortar Stores

MEDICI

  • Processes 5 lakh transactions in 3 months amounting to INR 600,000,000
  • Powers 1 lakh transactions amounting to INR 120,000,000 at Big Bazaar stores across India

New Delhi, [Press Release]: MobiKwik, India's largest independent mobile payments network, further solidified its leadership position in offline space as it announced processing 5 lakh transactions, amounting to INR 600,000,000 at brick and mortar stores. Of the total transactions processed offline, 1 lakh have been across all 260 Big Bazaar outlets, India’s biggest super market in the country. The company is aggressively expanding its reach in the offline space as it aims to make mobile payments accessible at more than 100,000 retail stores in India in 2015.

MobiKwikOfflinePayments (1)

MobiKwik is first company to have tied up with offline retailers and brick-and-mortar stores. Some of the key associations include Big Bazaar, WHSmith India, Café Coffee Day, and Store King. There has been a surge in the average ticket size of transactions, with more than INR 1000 being the norm for offline payments. MobiKwik is now a preferred mobile wallet for offline retailers looking for omni-channel partners.

Commenting on the milestone, Bipin Preet Singh, Founder and CEO, MobiKwik said, “Enabling 5 lakh mobile payments in offline space in around 3 months is an incredible feat in a nation where about 95% of the transactions still happen in cash. MobiKwik’s success reinforces the rapid adoption of cash-less mode of payments in India. This acts as a shot in the arm for us and we will build upon this success.”

Bipin further added, “We want to remove the barriers posed by traditional forms of payment and our expansion in offline space is a key step in that direction. Our focussed intent is to develop user centric payment solutions that alleviate user and retailer pain points, in the process simplifying the life of millions who have entrusted immense faith in us.”

Other popular brands currently using MobiKwik’s services include Uber, Meru Cabs, Big Bazaar, OYO Rooms, Zomato, Café Coffee Day, PVR, WHSmith India, BookMyShow, Grofers, Big Basket, Domino's, Pizza Hut, eBay, ShopClues, Myntra, Jabong, Pepperfry, Star Sports, GoDaddy, MakeMyTrip, Cleartrip, and Yatra.

MobiKwik has so far raised close to $30 million in funding till now from Sequoia Capital, American Express, Tree Line Asia, and Cisco Investments. MobiKwik is disrupting the payments space further by creating an offline retail network of more than 100,000 merchants across India that will serve both, as points for cash loading into the wallet and for wallet payments acceptance.

About MobiKwik

MobiKwik is India's largest independent mobile payments network connecting 25 million users with 50,000 retailers. It enables users to discover retailers (brick-and-mortar stores, e-com websites, m-com apps, billers, telcos) and then start paying them with 1-tap.

MobiKwik is powering payments for Uber, Meru Cabs, Big Bazaar, OYO Rooms, Zomato, Café Coffee Day, PVR, WHSmith India, BookMyShow, Grofers, Big Basket, Domino's, Pizza Hut, eBay, ShopClues, Myntra, Jabong, Pepperfry, Star Sports, GoDaddy, MakeMyTrip, Cleartrip, and Yatra. The company has raised close to $30 million in funding till now from Sequoia Capital, American Express, Tree Line Asia, and Cisco Investments.

With MobiKwik, users load money into the wallet once using cash, loyalty points, debit card, credit card, and netbanking to make secure 1-tap payments for purchases. Most MobiKwik users make 10 purchases every month using their wallet balance across diverse use cases such as recharge, bills, food, travel & cabs, shopping, entertainment, etc. Users also transfer money to wallets and bank accounts of friends and family using MobiKwik. Users today enjoy MobiKwik wallet services on Android, Windows and iOS mobile applications and on MobiKwik.com.

MobiKwik aspires to be the largest source of digital transactions in India. The company’s goal is to power $5B in payments between 150M users and 500,000 retailers.

For more information, visit .

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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