Demonetisation Impact: MobiKwik logs 7,000% increase in bank transfers

New Delhi: Independent mobile wallet MobiKwik on Tuesday said it has registered a 7,000 percent increase in bank transfers since it allowed users to transfer money instantly to any bank account at zero percent fee.

"The idea behind announcing zero percent fee on bank transfers was to promote the adoption of mobile wallets among Indians, which has observed growing confidence among masses, including users and unorganized merchants, who adopted to wallet payments without any hitch," said COO MobiKwik, Mrinal Sinha.

The mobile wallet company has registered an 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.

Company`s CEO Bipin Preet Singh said, "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.

"The mobile payments network has over one lakh merchants and 35 million customers at present and has witnessed a 40 percent increase in its mobile application downloads since the government`s demonetisation initiative. MobiKwik has even revised its monthly annualized 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 percent since the announcement of currency notes ban on November 9," added Bipin.