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.