 "After IIT Delhi and JNU, MobiKwik in talks with IIM-A for going cashless")
The move comes at a time when the premier B-school has also announced its own plans to become a cashless campus. MobiKwik has been upping the ante on both the institutional tie-up as well as small retail front.
"We are in talks with IIM-A for mobile payments as part of our cashless campus program. We have already seen such tie-ups with the likes of IIT Delhi and JNU, among others," said Upasana Taku, co-founder of MobiKwik. Apart from educational institutions, the company is also in talks with electricity companies, fair price shops and other utilities for cashless transactions. MobiKwik is already powering payments for Amul, IRCTC, Uber, Big Bazaar, Zomato, BookMyShow, Grofers, Big Basket, Pizza Hut, and eBay, among others.
On the impact of demonetisation, Taku said that the company has seen a 400 per cent surge in transactions on its platform after November 8. Registered users on MobiKwik too have risen from 35 million to 45 million since demonetisation.
The company's business is divided into three segments, viz. large, mid and small. While large businesses include institutional tie-ups like that with IRCTC and Uber, the mid segment comprises grocery chains, retail formats and restaurants like Big Bazaar, Croma and Pizza Hut, among others. However, it is the small segment, comprising shopkeepers and small retail trade where the volumes are among the highest that the company sees potential.
According to Taku, new merchant sign-ups on MobiKwik in the small retail segment has grown from daily 300 before November to now 6000-8000 per day, with the average ticket size of Rs 250 daily. The company as on date has over 600,000 shopkeepers on its platform.
Moreover, in a bid to acquire more retailers as well as users for its platform, MobiKwik is spending around Rs 20 crore per month, said Taku. As per estimates, mobile wallet transactions are estimated to leapfrog from Rs 5,500 crore in 2015-16 to Rs 30,000 crore in 2022. From However, currently, only 20 per cent bank customers depend on digital transaction while 75 per cent still go the traditional banking way.
Meanwhile, the company has also begun services of cash pick-up on pilot basis in cities like Delhi, Mumbai, Bengaluru, Surat and Jaipur where users can request pick up of cash to be added on to their m-wallets on MobiKwik. Moreover, it has also set up over 100,000 points across the country where cash can be deposited to be added on to the e-wallets.