MobiKwik Aims For 10% Market Share In Digital Wallets With Pocket UPI

One MobiKwik Systems Ltd.'s aim is with pocket Unified Payments Interface and it wants to get a 10% market share in the entire UPI ecosystem, according to Co-Founder Bipin Preet Singh.

MobiKwik's Pocket UPI, which enables users to make UPI payments using their wallet balance, is receiving good traction, Singh said. "We are the largest wallet and largest in terms of transactions on UPI from a PPI (prepaid payment instruments) point of view. We are doing 2,00,000 transactions every day," he said.

"If 100% transactions today are happening via the bank from the UPI, we want to take 10% from that and move it to digital wallet," Singh told NDTV Profit on the sidelines of the Global Fintech Fest 2024 in Mumbai.

The fintech platform's market share in the PPI wallet transactions increased from 11% in March to 23% currently, according to Singh. This comes after the Reserve Bank of India's crackdown on Paytm.

MobiKwik also aims to serve 500 million people in the middle and lower middle-income category in India in the next 10 years, pointing out that smartphones reached Tier 2, 3 cities and villages. "We see that our mission is to provide financial inclusion through innovative products."

The company is increasing focus on general trade merchants and is expanding the reach of its QR codes, sound box and electronic-data-capture machines, according to Singh.

MobiKwik is also planning to increase investments in field force and merchant networks. It is also converting its artificial-intelligence chatbot lens into an AI-based financial advisor.