After the largest wallet player Paytm, made it difficult for other mobile wallet players by raising a funding of $1.4 billion from SoftBank and it also claims to have over 220 million users, the cofounder of Mobikwik’s Bipin Preet Singh plans for a strategy to sustain against the odds. The Mobikwik’s cofounder now says very positively that they will evolve as a smart money application and not just a mobile wallet company.
After this funding, Paytm is under process to buy the third largest wallet player Freecharge. Even few traditional banks like HDFC Bank and ICICI bank have been pressurizing such mobile wallet companies and the government’s BHIM (Bharat Interface for Money) are also not making things easy for such mobile wallet companies as these companies work on very small or no margin.
According to him, the second largest mobile- wallet company is about to finalize the funding of $100 million, after which it will be put in the category of the billion dollar club. On one hand where Paytm has chosen to enter into banking field, Mobikwik’s still wants to benefit from its core offering only and stick only to its core payment solution.