Cashless Transactions Will Grow Up To 40% By 2018, Says Upasana Taku, Founder, MobiKwik
Speaking at the inaugural day of Goa Fest 2017, Taku also highlighted how MobiKwik created a new strategy to attract and serve half of India – 500 million users -- as compared to serving just 100 million users earlier
Photo Credit : Twiitter,
Upasana Taku, Founder, MobiKwik, spoke about how ‘Brands that have played a role in transforming India’ on the inaugural day of Goa Fest 2017.
Terming the government’s move to demonetise high value currency a humbling yet fortunate opportunity, Taku said that demonetisation changed the mindset of the majority of Indians who were averse to going cashless. She added that she expects the fraction of Indians who were using cash to carry out most of their transactions to double within in this going from 14% in November 2016 to 30% in 2017.
Stating that she has observed a massive increase in cashless transactions over the last four months, Taku added, “Banks, e-wallet companies, have seen a 1000% increase in user transactions,” she said. Taku said that she expects the number of cashless transactions to grow and reach 35-40 % by the end of 2018.
“Even if India moves from 14-40% in two years it will be a huge undertaking," she said
Taku also highlighted how MobiKwik had to create a new strategy to attract and serve half of India – 500 million users - as compared to serving just 100 million users earlier.
The brand had to shift gears from addressing tech savvy, upwardly mobile, urban, audience to addressing a large spectrum of audiences.
Commenting on the growing reach of MobiKwik, Taku also added how MobiKwik opened up it’s app to around 12 regional languages by creating MobiKwik Lite. Her team also set up camps to educate people about using the app and create brand awareness by collaborating with Google Internet Saathi along with Tata Trust.
The MobiKwik Lite app which is available in regional languages now serves 5 million users in addition to the 55 million users on the English language app.
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