• MobiKwik’s PG is among the Top 3 Payment Gateways in India today

• It has the best tech for payments in mobile apps, has clocked 94% success rate

MobiKwik, India’s leading FinTech Company, today announced that its Payment Gateway (PG) business unit (BU) will surpass revenues of INR 1000 crores for the year 2021. The company doubled its revenue in the Payment Gateway business in 2019. It’s on track to double the revenues in 2020 and is confident of doubling it yet again in 2021. The strong business growth is attributed to the addition of new customers, scaling-up of existing customers and new products that solve hard problems. MobiKwik has been demonstrating a focus on profitability overall; in the PG BU, the company broke even in April 2019 and has been profitable every month since then.

MobiKwik PG is trusted by over 4000 online businesses including Uber, Indian Railways, Dream11, etc. and is the third largest player in India. These businesses choose MobiKwik PG because it has a secure, scalable 24X7 monitored infrastructure, offers universal payment methods (like credit card, debit card, net banking, UPI, EMI, pay later, wallets, etc.) and enables rapid customization of payment flows. For new age startups, it offers a simple self-onboarding on its website with open access to payment APIs and sandbox testing without any formal account creation or charges. The company claims to have the best tech stack for Digital Payments - clocking 94% transaction success rate consistently for Mobile App driven companies (which is most of Indian eCommerce).

The company has recently solved for two major problems faced by Indian eCommerce:

1.  Delayed Cash Flow (typically most PGs in India settle to its client’s bank on T+1 or T+2 basis where T is the day when payment was made on client’s website); thereby client company always needing working capital for 1-2 days to deal with this delayed payout, and

2. Inability to sell to international users (typically most Indian PGs do not allow their client’s apps to accept international credit or debit cards for payment citing risk reasons).

MobiKwik PG has launched two new products to address these -

1. “Instant Payout”, where a client gets his settlement on T “Same Day” instead of T+2, thereby eliminating the need for 2 days of working capital

2. “Go Global”, a service which specifically allows a client app to collect payments from international cards

Product innovation such as these, make MobiKwik PG, the platform of choice for enterprises and start-ups across a wide range of industries including financial services, grocery, travel, gaming, utilities, telecom, health, education, auto, and eCommerce.

Commenting on the success Upasana Taku, Co-founder - MobiKwik said, “We have seen strong traction in our Payment Gateway BU in 2019 and are targeting aggressive (doubling of) revenue goals next two years. Our formula is simple and time-tested - razor sharp focus on select growth levers, continuous new product development, and discipline of long term business build out.” 

About MobiKwik

MobiKwik is India’s leading digital financial services platform, leveraging a sophisticated product and merchant acquisition capabilities. It is also the second largest mobile wallet player in India. It has a network of over 3 million direct merchants, 140+ billers and over 107 million users. It has ventured into credit with the launch of its instant credit product called ‘Boost’. MobiKwik has also announced its foray into wealth management with 100% acquisition of Clearfunds, one of India’s leading new age wealth management platforms.

Founded in 2009 by Bipin Preet Singh and Upasana Taku, the company counts Sequoia Capital, Bajaj Finance, Net1 and American Express among its investors. The company has offices across New Delhi, Mumbai, Bangalore, Pune and Kolkata. It aspires to be the largest source of digital transactions in India and has a vision of enabling a billion Indians with one tap access to digital payments, loans, insurance, and investments, by 2022.

MobiKwik, India’s largest digital financial services platform, ventured into the mutual fund space with the acquisition of Mumbai-based platform Clearfunds in October 2018.