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MobiKwik eyes Rs 1,000 cr business from payment gateway

The business growth is attributed to the addition of new customers, scaling-up of existing customers and offering new products. In the payment gateway business unit, the company broke even in April 2019 and has been profitable every month since then.

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Last Updated: Jan 22, 2020, 11.26 AM IST
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These are 'Instant Payout’, where a client gets his settlement on the same day, thereby eliminating the need for two days of working capital.
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NEW DELHI: Fintech company MobiKwik on Wednesday said its payment gateway business unit will surpass revenues of Rs 1000 crores for the year 2021. The company doubled its revenue in the payment gateway business in 2019. It’s on track to double the revenues in 2020 and is confident of doubling it yet again in 2021, said a release.

The business growth is attributed to the addition of new customers, scaling-up of existing customers and offering new products. In the payment gateway business unit, the company broke even in April 2019 and has been profitable every month since then, the release added.

MobiKwik PG is used by over 4000 online businesses including Uber, Indian Railways, Dream11. MobiKwik payment gateway has a scalable, 24X7 monitored infrastructure, offers universal payment methods (like a credit card, debit card, net banking, UPI, EMI, pay later, wallets, etc.) and enables customization of payment flows. For new age startups, it offers self-onboarding on its website with open access to payment APIs and sandbox testing. The company claims to have the best tech stack for Digital Payments - clocking 94% transaction success rate consistently for Mobile App driven companies (which is most of Indian eCommerce).

E-commerce companies face problems of delayed cash flows and inability to sell to international customers as most Indian payment gateways don’t accept international credit or debit cards for payment citing risks.

To solve these problems MobiKwik payment gateway launched two new products. These are `Instant Payout’, where a client gets his settlement on the same day, thereby eliminating the need for two days of working capital. Second, `Go Global’, a service which specifically allows a client app to collect payments from international cards.

Upasana Taku, co-founder, MobiKwik said, “We have seen strong traction in our payment gateway business in 2019 and are targeting aggressive (doubling of) revenue goals next two years. Our formula is simple and time-tested - razor sharp focus on select growth levers, continuous new product development, and discipline of long term business build out.”

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