MobiKwik, one of India’s largest digital financial services platform, today announced the launch of on-the-go credit card bill payments on its app. MobiKwik will be offering this payment to all Visa credit card holders, irrespective of the issuing bank. This new offering will offer a better user experience to its over 107 million plus users. MobiKwik will be extending this service to other credit card brands, in the near future.
The latest offering from MobiKwik will enable it to capture India’s burgeoning credit card market. Credit card usage has witnessed a rapid surge rise among urban Indian consumers and presents a huge opportunity for MobiKwik. This new service will add another use case to existing numerous use cases that are taken care of by the MobiKwik app.
Between March 2017 and March 2018, India added some 7.68 million credit cards. As per Credit Card Industry sources, over 4 Crores or 40 Million new Cards are going to be issued in next 4 years. Indian Credit Card industry is poised to grow at a whopping 25% Year on Year, as per RBI. In FY 2017-18, the total credit card spends from about 33 million credit cards stood at about Rs. 45,000 crores.
Speaking on the announcement, Ms. Upasana Taku, Co-founder, and Director, MobiKwik, said, “We are committed to innovation and addressing all kinds of use cases, so as to enable increasing number of users to adopt digital payments. Over the past few years, we have launched a wide range of products and services which are unique, convenient and very relevant to the Indian consumer. Our on-the-go credit card payment service will be extremely convenient for today’s users who can now clear their credit card bills quickly via the MobiKwik app, without any need to visit the websites of banks or credit card companies. Credit card payments offers a huge opportunity and we are targeting capturing a market share of 3-5% of the credit card spend market, which translates to ₹1,200- 2,000-crore opportunity, by the end of the current fiscal year. We are starting this category with Visa as our partner and will be extending this to other credit card brands in the times to come.”
Mr. Murali Nair, Head of Business Development, Visa India, added, “Our association with MobiKwik helps Visa consumers enjoy the convenience and flexibility of digital transactions through their mobile devices. In an increasingly digital world, Mobikwik empowers consumers with the ability to seamlessly pay their Visa Credit Card bills on the go.”