MobiKwik news update
In an interview with Storyboard18, co-founder of MobiKwik Upasana Taku said,”India presents a substantial fintech opportunity, ranking as the third-largest market globally. With significant foreign investment, around 400 million Indians actively engage in digital transactions, a figure expected to double by 2028. This growth forecasts a trillion-dollar market by 2028, attracting both traditional financial institutions and emerging tech companies like ours. Leveraging our payments infrastructure, we expand into other financial products, simplifying access via smartphones. This distribution and curation are pivotal in serving India’s vast market.
MobiKwik
“We utilize machine learning to analyze user data, predicting their preferences for financial products. Additionally, AI enhances our consumer and merchant interactions, optimizing operations. While we’re exploring advanced AI applications, our current focus lies in user profiling and operational efficiency. As we evolve, we’re incorporating generative AI for broader business applications”, she added.
She also said, “Covering 99 percent of India’s pin codes, our user base primarily consists of tech-savvy individuals in their 20s and 30s, with a male-female split of 65:35. Predominantly situated in northern states, our users are typically early adopters, either employed or self-employed, with average earnings ranging from Rs. 25,000 to 50,000. The majority hail from tier 2, 3, and 4 cities.”
