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MobiKwik aims Rs 1.4 lakh cr revenue from payment gateway business
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SME Times News Bureau | 22 Jul, 2019
Aiming at second position in terms of overall market share, domestic
mobile wallet major MobiKwik on Monday announced target of Rs 1.4 lakh
crore in annual payment volume for its payment gateway business.
Explaining
its goal, the company in a statement said this decision comes on the
back of superlative performance demonstrated by its payment gateway
busines in the last one year, having tripled both its total payment
volume and gross revenues. The company reported a profit of Rs 70 lakh
in the month of June 2019.
Over 94 million unique cards are saved
on MobiKwik's payment gateway platform -- including 20 million credit
cards, that is 50 per cent of all the credit cards issued in India.
"Our
focus on building the best tech stack for our merchants is evident in
the growth and success of our payment gateway business. Our product and
user experience philosophy is to keep the latter simple and ultra fast,"
said Upasana Taku, Co-Founder, MobiKwik.
MobiKwik Payment
Gateway powers payments across sectors like fintech, e-commerce, food,
travel, logistics, gaming and automobiles in India.
To achieve
its target annual payment volume, the company is aggressively adding new
merchants in high growth verticals such as e-commerce, fintech,
telecom, food and education.
Payment gateways have become the backbone of India's booming digital payments market, the company noted.
According
to a BCG-Google research, the Indian digital payments industry is
estimated to touch $500 billion by 2020 and would contribute 15 per cent
to the country's GDP.
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 2023.
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