MobiKwik relaunches payment gateway, aims transactions worth $5 Bn by March 2018

Mobile wallet MobiKwik on Wednesday relaunched its payment gateway Zaakpay as MobiKwik Payment Gateway. With this relaunch, the company is aiming at transactions worth over $5 billion on the platform by end of FY 2018.

So far this year, the payment gateway claimed it has already executed transactions worth $1.8 billion.

Speaking on the relaunch, Bipin Preet Singh, Chief Executive Officer of MobiKwik said,

“MobiKwik’s revamped Payment Gateway deploys strict measures which are on par with the measures adopted by the best banks. It’s a game changer in the digital payments space that equips it to handle the exponential rise in digital transactions and keeps a strict check on risky transactions.”

The news comes just days after the company reported Rs 19 crore went missing from its accounts, and hinted at a possible forgery.

Feature driven approach

According to a release from the company, MobiKwik Payment Gateway works with different levels of security including Encryption of all Transactions, Sensitive Data Storage with multiple levels of Encryption, as well as API Level Security.

The company also claimed the MobiKwik Payment Gateway has a 24/7 physically monitored data centre, with restricted and logged access, System Level Firewalls as well as Hardware Level Encryption.

It also allows features including flagging a transaction as "risky" even before it is sent to banks.

Further, considering the rate of fallouts due to bad internet connectivity, it has an “Auto Retry”, that brings the user back to the page where a transaction fails.

“Such features help in arresting abandoned transactions and boosting success rates,” Bipin added.

The new payment gateway also supports all major instruments like credit and debit cards, netbanking, UPI, e-wallets, as well as SMS and email based payments.

As a part of the announcement, the company claimed it is growing its payment gateway team size to 100 employees by FY 2018 end, expanding its reach to five cities, which include Delhi, Mumbai, Pune, Kolkata and Bengaluru.

Currently, the gateway powers payments for more than 30000+ e-commerce websites and apps, with a clientele including UBER, Zomato, Domino’s, IRCTC, Grofers, Instamojo, Easemytrip and many other leading brands.

MobiKwik plans to double the number of merchants in FY 2018.

It was reported in May, that as wallet businesses face tough competition against UPI, MobiKwik was looking to beef up its operations around payment gateways. As a part of the move, Zaakpay was reported to be hived off as a separate entity and be made a wholly-owned subsidiary of One MobiKwik Systems.