Demonetisation effect: MobiKwik claims 7000% increase in bank transfers

Mobile wallet firm has also assets18-fold growth in transactions since the demonetisation kicked in.

Mobile wallet firm MobiKwik claimed that it has registered a 7000% increase in bank transfers since it allowed users to transfer money instantly to any bank account at 0% fee in the wake of demonetisation drive.

Mobile wallet firm also said it has registered 18-fold growth in transactions since the announcement of demonetisation that saw old Rs 500 and Rs 1,000 notes ceasing to be legal tender.

“We have super-accelerated our plans to reach small merchants and businesses simultaneously across top cities through multiple tie-ups, radio campaigns and SMS campaigns,” said Mobikwik CEO Bipin Preet Singh.

According MobiKwik, it has over 1 lakh merchants and 35 million customers at present and has witnessed a 40% increase in its mobile application downloads since the government’s demonetisation initiative.

The Gurgaon-headquartered firm has even revised its monthly annualised Gross Merchandise Value (GMV) sales target by 10 times to USD 10 billion by 2017. “User traffic and merchant queries have also gone up by 200% since the announcement of currency notes ban on November 9,” Bipin pointed out.

MobiKwik had earlier introduced cash pickup services where an agent comes to the user’s house to collect cash to load the wallet, currently available in Delhi, Gurgaon, Mumbai and Jaipur.

DemonetisationMobiKwikmobile Wallet
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