We're looking to onboard 20-25 mn wallets by March 2023: Bajaj Finance MD

In an analyst call held by Morgan Stanley, Rajeev Jain says his firm is on course to apply for various licenses that are needed to be a full-service payments player

Consumer financier Bajaj Finance, which launched its wallet business this July, is aiming to onboard 20-25 million wallets onto its fold by March 2023. The company is currently onboarding 800,000 to 1 million new wallets every month, managing director (MD) Rajeev Jain said.

Addressing an analyst call organised by Morgan Stanley, Jain said, “We are doing quite well on our wallet downloads. We foresee that we will have 20-25 million wallets by the end of March 2023.”

“We have started to engage them for debit transactions. We are well on the path to apply for various licenses that are needed