MobiKwik wallet numbers rise as banking players go through downturn

Fintech major MobiKwik’s PPI (prepaid payment instrument) wallets have seen their market share expand to about 12.11 per cent in May, up from 9.3 per cent in January, in terms of total number wallets. The Gurugram-based company saw this surge and expanded its presence into tier-II and -III cities as other major players in the banking space went through a downturn. MobiKwik also attributes the growth in its numbers to its expansion drive.