MobiKwik further solidified its leadership position in offline space as it announced 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, India’s biggest supermarket in the country. The company is 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 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. MobiKwik is now a preferred mobile wallet for offline retailers looking for omni-channel partners.
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.”
The story so far:
Two lac users paid offline using MobiKwik wallet
One lac transactions powered by MobiKwik at Big Bazaar
All 260 stores of Big Bazaar, spread across India, have now processed MobiKwik payments
Leading grocery, books & stationery, gifts & greetings stores, and restaurants accept MobiKwik payments
Top 5 cities in India for offline mobile payments are Mumbai, Bengaluru, Kolkata, Hyderabad, and Delhi
Deep penetration in rural India due to Store King association
Bipin further added, “We want to remove the barriers posed by traditional forms of payment and our expansion in offline space is one of the ways forward in that direction. Our 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. MobiKwik is disrupting the payments space further by 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.
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