MobiKwik Tied up with IRCTC to accept eCash Payment

India: MobiKwik is teaming up with Indian Railway Catering and Tourism Corporation (IRCTC) to accept eCash payment to accept eCash payments on the latter’s eCatering service, Food on Track.

Further, the Food on Track app enabled passenger order and get food from preferred restaurants delivered to their train. Domino’s, Punjab Grill, KFC, etc. are the major food chain available on Food on Track app.

Mrinal Sinha Chief Operating Officer of MobiKwik said, “MobiKwik is the only wallet connected on IRCTC since 2015. Now the company is also entering into the eCash payments option on IRCTC’s eCatering app.” The company has enabled cash loading through cash pickup in selected cities and cash deposits at over 100,000 locations across 1,000 cities in India”, added Mr. Sinha. 

TechSci Research depicts that with increasing awareness of using mobile wallet, cashless transaction is expected to increase in the coming years. In addition, the company would face huge competition from Paytm, MobiKwik. Oxigen, etc. 

With increasing awareness level of mobile wallet, rising internet users coupled with the increasing security measures is driving the mobile wallet market in India. Furthermore, Tier I cities including Delhi, Mumbai, Kolkata, Bangalore, Pune, etc., registered the highest number of mobile wallet users, while Tier II cities such as Jaipur, Lucknow, Chandigarh, Indore, Patna, etc. are the emerging cities in terms of mobile wallet usage across the country.

According to the recent report published by TechSci Research, “India Mobile Wallet Market Forecast and Opportunities, 2020”, India Mobile Wallet market is projected to surpass USD6.6 billion by 2020. With increasing awareness level of mobile wallet, rising smartphones coupled with growing internet penetration and increasing acceptance of mobile wallet as a payment mode are driving the mobile wallet market in India. Banking sector accounted the largest end user segment followed by retail, telecom and transportation.