Offline usage of Mobile wallets has drastically increased since the start of this year – we have been saying this for a long time – Mobile wallets are slowly replacing physical wallets and here is the proof.
Mobikwik, one of the leading mobile payments company released numbers in regards to brick-and-mortar store transactions through their mobile wallet – they have processed 5 Lakh transactions in just 3 months amounting to Rs. 600,000,000 or 60 Crore rupees.
Mobikwik has been leading the way when it comes to tie-ups with offline stores – in recent times, they have tied up with various online and offline stores and services including Uber, Meru Cabs, Big Bazaar, WHSmith India, Cafe Coffee Day, PVR, Walmart, StoreKing, BookMyShow, Domino’s, Pizza Hut, Star Sports, GoDaddy, eBay, ShopClues, Myntra, Jabong, Pepperfry, HomeShop18, MakeMyTrip, Cleartrip and Yatra.
Mobikwik’s biggest offline success has been their partnership with Big Bazaar which contributed to nearly one-fifth of all offline transactions – they have processed over 1 lakh transactions worth 12 crores through Big Bazaar offline stores.
Mobikwik Highlights:
- Two lakh users paid offline using MobiKwik wallet
- One lakh transactions powered by MobiKwik at Big Bazaar
- All 260 stores of Big Bazaar, spread across India, have now processed MobiKwik payments
- Top 5 cities in India for offline mobile payments are Mumbai, Bengaluru, Kolkata, Hyderabad, and Delhi
- Healthy penetration in rural India due to Store King association
Having registered such good numbers with offline tie-ups, Mobikwik now aims to make mobile payments accessible at more than 100,000 retail stores in India by end of this year alone.
Interestingly, Mobikwik’s per transaction ticket size has also grown due to their offline growth – the average ticket size for Mobikwik is now more than Rs. 1000 per transaction.
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.”
Suggested Reading: Will Mobile Wallets Completely Replace Physical Wallets?
It’s just not Mobikwik that is forging offline partnerships – India’s largest mobile wallet company Paytm is also slowly increasing their offline presence. They recently joined hands with several educational institutes across the country where users could pay school fees & dues, cafeteria bills as well as buy uniforms, books and merchandise through the Paytm Wallet. Paytm will also be setting up nearly 50,000 offline retail shops to help people recharge their digital wallet and also provide basic customer care.
We won’t be surprised if mobile wallet payments in offline world become a norm in next 5 years!
This wallet thing is going to be really big in coming years.