Digital payments major MobiKwik on Sunday said it aims to facilitate $ 20 billion worth of transactions through its payments gateway business in the next 12-18 months, a vertical that has been profitable for the company since April this year.
The company, which competes with the likes of BillDesk and PayU in this space, is also confident of registering Rs 500 crore in revenue from its payments gateway (PG) business (operated as a MobiKwik subsidiary – Zaakpay) over the next 12 months. “We are already among the top three payment gateways in the country and we have seen the total payment volume (TPV) and gross revenues triple in last 12 months… This is because we have the best tech stack for payments in mobile apps clocking 94 per cent success rate,” MobiKwik co-founder Upasana Taku told PTI.
Taku explained that its customers include the likes of Uber, IRCTC, Dream11, Bajaj Finance, Zomato, Blue Dart and Maruti Suzuki among others. As the digital transactions grow for the customers, MobiKwik’s business grew as well, she said. “We have now set a target of $ 20 billion in annual payment volume for its PG business to hit the number 2 position in PG market share in India. We broke even on our PG business in April 2019, and reported a profit of Rs 70 lakh in the month of June 2019,” she said adding MobiKwik is aggressively adding new merchants in high growth verticals such as e-commerce, fin-tech, travel, telecom, food, education and gaming.
Taku said the company has a strong focus on enterprise-grade security protocols for its PG business. All its enterprise customers rely on the PCIDSS-certified MobiKwik PG Vault to securely manage saved cards of its users for faster repeat checkouts, she said. Over 94 million unique cards are saved on MobiKwik PG platform, including 20 million credit cards, Taku added.―The Hindu Business Line