BANGALORE: MobiKwik, mobile wallet company with over 17 million users and more than 50,000 merchants, announced that it has become the first mobile wallet service to be available on the Myntra mobile app. MobiKwik’s customers can now make payments for their favorite fashion products and accessories on Myntra, at lightening speed, from the safety of their MobiKwik wallet, instead of having to use their credit / debit / online bank accounts.

The move follows the announcement by the leading fashion e-tailer to shut down its mobile and desktop websites and be available only as a mobile app. Mobile commerce has grown rapidly in the country and has trumped web commerce, with leading e-commerce players today receiving close to 70 to 80% of their orders from mobile devices. Mobile wallet services like MobiKwik that already have a large mobile-first user base, which trusts them for secure and quick payments, can add a lot of value in terms of sales and new user acquisition for e-commerce players. With over 17 million users, MobiKwik expects to facilitate sales worth 80-100 Crores on Myntra, over the next 12 months.

The number of customers who prefer to pay by mobile wallets when shopping from mobile devices is also increasing rapidly.

Bipin Preet Singh, Founder and CEO, MobiKwik said, “We are happy to be the first mobile wallet service that the country’s largest fashion retailer, Myntra has chosen. With more and more customers now buying and paying through mobile, we are confident that this partnership will add a lot of value for Myntra in terms of transactions and new customer acquisition. For our customers, being able to use their MobiKwik wallet on Myntra is great news! Now instead of wasting time and effort on traditional payment systems that are a tad slow, they will be able to make payments with one-click through their MobiKwik wallet.”

MobiKwik recently raised close to $25 million in a Series B round from Tree Line Asia, Cisco Investments, American Express and existing investor, Sequoia Capital. The company plans to raise another $100 million in the latter half of 2015. The company has also come out with its new brand campaign recently on which it plans to spend around 100 crore in the next few months.

MobiKwik plans to disrupt the payments space further in 2015 by creating an offline retail network of more than 100,000 merchants across India that will serve both as points for cash loading into the wallet and for wallet payments acceptance. MobiKwik has also applied for a Payments Bank license in February 2015.
Read Also: HP Leads Industry To New School Of Cyber Defense
DRDO Implements Innefu Authshield Two Factor Authentication