Market Share Growth: MobiKwik’s PPI (prepaid payment instrument wallet market share increased to 12.11% in May, up from 9.3% in January.
Expansion Strategy: The Gurugram-based organization saw this surge and extended its presence into Tier II and - III urban communities as other key part in the financial space went through a slump.
Pocket UPI Drive MobiKwik's Growth: MobiKwik attributes its growth to expansion efforts and the success of its Pocket UPI service introduced in February, which nearly doubled its Gross Transaction Value (GTV) share from 11% in March to 23% in May.
Wallet Growth and Ranking: MobiKwik's wallet base increased by 2% from 134.1 million in January to 136.8 million in May, placing it second among non-bank players, just behind PhonePe's 199.3 million wallets as of May.
Impact on Competitors: Paytm Payments Bank experienced a significant 39% decline in wallet numbers, dropping from 630.7 million in January to 380.5 million in May, due to stringent RBI restrictions halting its operations.
Innovation in Wallet Interoperability: Upasana Taku, Co-Founder, and CFO, highlights MobiKwik's strategy of enhancing wallet interoperability through the Pocket UPI feature, allowing users to utilize their wallet within the UPI ecosystem. This innovation addresses user needs amid regulatory challenges faced by competitors.
Expansion in User Base: Taku notes a significant influx of new users into the digital ecosystem, particularly from tier-II and III cities and towns in India, comprising approximately 70-75% of MobiKwik's new user acquisitions.
