A consumer could make funds to a selected particular person/account utilizing any UPI funds platform
The platform will take away the query of which fee apps are being utilized by the sender and the receiver, CEO Bipin Preet Singh mentioned
Studies recommend Google Pay makes up for 42% of UPI transactions, PhonePe makes up for 35%
Gurugram-headquartered digital funds firm MobiKwik, on Thursday (July 30), launched its newest UPI-powered fee hyperlink service, MPay.me, to permit customers to create their private fee hyperlink and obtain funds whatever the app getting used to make the fee.
These hyperlinks will enable a consumer to make funds to a selected particular person/account utilizing any UPI funds platform reminiscent of Google Pay, PhonePe, Paytm or MobiKwik. The corporate has famous that the characteristic would seamlessly work on desktop and cell phones.
“So, if you’re someone who needs to split a bill with friends, a landlord who needs to collect rent or a freelancer, or anybody who has to collect money, ‘mpay’ is the answer for you! Basically, it’s a single link that you can share anywhere and collect payments,” MobiKwik famous in a weblog put up. A consumer can merely register themselves on MobiKwik UPI, add their quantity within the hyperlink, mpay.me/<cell quantity>, and share it throughout.
MobiKwik was based in 2009 by Bipin Preet Singh and Upasana Taku. It has gone from being a digital pockets to a horizontal fintech platform that provides a number of monetary companies to its platform together with credit score, insurance coverage, gold loans, and mutual funds. As of March 2020, the corporate claims to have 110 Mn customers and three Mn retailers listed on its platform.
The corporate practically raised INR 223 Cr ($29.56 Mn) from buyers like Cayman Island-based LP named MK SPV IX, Sequoia Capital, American Specific, Bajaj Finserv and others. MobiKwik grew to become operational breakeven in FY2019 together with incomes gross income of INR 184.6 CR. This was a big leap from the corporate’s INR 69.29 Cr income in March 2018.
Out of its broad service portfolio, the credit score enterprise is alleged to be making probably the most income for MobiKwik. It claims to have disbursed 1.2 Mn loans, amounting to $152 Mn. MobiKwik doesn’t maintain a distinguished place within the UPI funds market, however the newest characteristic might assist it increase its place additional.
The phase is majorly dominated by Google Pay, PhonePe and Paytm. Amazon Pay and WhatsApp Funds are additionally seeking to set their mark within the phase. In keeping with a lately printed Mint report citing sources Google Pay makes up for practically 42% of all UPI transactions, adopted by Flipkart-owned PhonePe with 35% transactions. UPI recorded 1.34 Bn transactions value INR 2,61,835 Cr in June 2020.