MobiKwik likely to achieve 10 billion GMV by 2017

India's largest independent mobile wallet MobiKwik has announced witnessing of over 40 percent increase in app downloads within less than 18 hours of the announcement of ban on Rs. 500 and Rs. 1000 notes.

The mobile wallet portal recorded user traffic and merchant queries, which went up to 200 percent among its over 35 million users.

The company has also revised its business targets and targets to achieve a GMV of 10 billion by 2017.

"With this policy change, we expect a 10X impact - we expect to easily hit USD 10 billion in payments volume by 2017. Indian users do a trillion US dollars' worth of payments annually, off which more than 90 percent are in cash. We were earlier trending to process USD one billion payments by 2017," said Co-founder MobiKwik, Upasana Taku.

Within moments Prime Minster Narendra Modi declaring denominations of Rs. 500 and Rs. 1,000 illegal along with a road map for tackling black money, MobiKwik witnessed a significant increase in merchant queries and is further promoting adoption by offering zero percent TDR for all unorganized offline merchants.

"Yesterday, was a landmark day for the digital payments industry. Given the bold steps by the government, the industry is now poised to become one of the largest contributors to the Indian economy and drive a cashless revolution," added Upasana.

MobiKwik has over 100,000 merchants on its platform including Big Bazaar, Big Basket, Grofers, Ezone, Dominos Croma, Pantaloons, Star Bazaar, Oyo Rooms, MakeMyTrip, Swiggy, FoodPanda and ZopNow.

The company has many firsts to its credit, including the Nearby service by which users can locate outlets where MobiKwik e-wallet is accepted within the app and cash loading for mobile wallet through both cash pick-up and cash deposit.