POCKET ROCKET

Mobikwik has emerged as the Best Fintech in Payments as it transforms payments with innovations like Pocket UPI

- TEENA JAIN KAUSHAL

MOBIKWIK, A 15-year-old Gurgram-based fintech company, is transforming digital payments with innovations like Pocket UPI, a product that enables users to make UPI (Unified Payments Interface) transactions through their MobiKwik wallet rather than directly linking a bank account. "Since its launch in early 2024, MobiKwik has experienced a fivefold growth in wallet market share, highlighting the company's ability to drive product adoption through innovation," says its Co-founder and CFO, Upasana Taku. It currently holds a 24% market share, making it the largest wallet provider in India.

For many Indians, multiple small transactions can lead to challenges, including a cluttered statement or an increased risk of fraud. "With Pocket UPI, users can load a small amount into their MobiKwik wallet and use it for transactions without exposing their main bank account." Taku explains that it's secure, convenient, and effectively addresses genuine concerns, particularly for middle-class and lower middle-class users.

MobiKwik wallet users can also scan any QR code, regardless of the organisation it is associated with and make payments seamlessly.

"This innovation underscores our dependence on product development, instead of substantial marketing expenditures," she adds.

All these have helped MobiKwik emerge as the Best Fintech in Payments in this year's BT-KPMG study.