MobiKwik, one of India’s largest independent mobile payments network, took a bold step earlier when it extended its business operations to Indian offline stores and, if we go by the figures, it has managed well to establish a solid foundation in the segment and continues to rise up the chart significantly.
Celebrating its success, the company today announced its massive success of processing 5 lac transactions, amounting to INR 600,000,000, at brick and mortar stores. Of the total transactions processed offline, 1 lac have been across all 260 Big Bazaar outlets, the biggest supermarket chain in the country.
The company is further aggressively expanding its reach in the offline space as it aims to make mobile payments accessible at more than 100,000 retail stores in India in 2015.
MobiKwik is the first company to have tied up with offline retailers and brick-and-mortar stores. Some of the key associations include Big Bazaar, WHSmith India, Café Coffee Day, and Store King. There has been a surge in the average ticket size of transactions, with more than INR 1000 being the norm for offline payments.
Commenting on the milestone, Bipin Preet Singh, Founder and CEO, MobiKwik said –
Enabling 5 lac mobile payments in offline space in around 3 months is an incredible feat in a nation where about 95% of the transactions still happen in cash. MobiKwik’s success reinforces the rapid adoption of cash less modes of payments in India. This acts as a shot in the arm for us and we will build upon this success.
Leading grocery, books & stationery, gifts & greetings stores, and restaurants now accept MobiKwik payments. MobiKwik’s top 5 operational cities in India for offline mobile payments are Mumbai, Bengaluru, Kolkata, Hyderabad, and Delhi.
Bipin further said that he and his team want to remove the barriers posed by traditional forms of payment and MobiKwik’s expansion in offline space is one of the ways forward in that direction.
MobiKwik’s focussed intent is to develop user centric payment solutions that alleviate user and retailer pain points, in the process simplify the lives of millions who have entrusted immense faith in us.
Other popular brands currently using MobiKwik’s services include Uber, Meru Cabs, Big Bazaar, OYO Rooms, Zomato, Café Coffee Day, PVR, WHSmith India, BookMyShow, Grofers, Big Basket, Domino’s, Pizza Hut, eBay, ShopClues, Myntra, Jabong, Pepperfry, Star Sports, GoDaddy, MakeMyTrip, Cleartrip, and Yatra.
MobiKwik has so far raised close to $30 million in funding till now from Sequoia Capital, American Express, Tree Line Asia, and Cisco Investments. The company plans to raise another $50-100 million in 2015. Moreover, MobiKwik is working on creating an offline retail network of more than 100,000 merchants across India that will serve both, as points for cash loading into the wallet and for wallet payments acceptance.