Digital Wallet major MobiKwik has relaunched its payment gateway Zaakpay as MobiKwik Payment Gateway. The vision is to simplify payment systems in India and support new businesses with customised digital payment requirements. The MobiKwik payment gateway team eyes over $5 Bn worth of transactions on the platform by the end of FY 2018 and has already done transactions worth $1.8 Bn this year.
The new payment gateway team will be led by the new business head Rukaiya Rangwala, who has over 15 years of experience in the technology/e-commerce industry and has worked across the US, Singapore, Japan and India.
As shared in an official statement, MobiKwik Payment Gateway has been introduced with proprietary features with an aim to deliver best in industry transaction success rates and to ensure that every transaction is secure. The step came in soon after the recent security glitch MobiKwik faced. In accordance to the news which surfaced earlier this month, MobiKwik lost over $3 Mn from its bank account, pertaining to wallet transactions such as recharge, bill payment, shopping etc.
“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, ” Bipin Preet Singh, Chief Executive Officer of MobiKwik said.
MobiKwik Payment Gateway: Adding More Security Levels
MobiKwik Payment Gateway will work with different levels of security, that is Encryption of all Transactions, Sensitive Data Storage with multiple levels of Encryption, along with API Level Security. It will have 24/7 physically monitored data centre with restricted and logged access, System Level Firewalls and Hardware Level Encryption.
MobiKwik has further added safety features like flagging a transaction as “risky” even before it is sent to banks. Other new features such as “Auto Retry”, that brings the user back to the page where a transaction fails, has also been added to the relaunched version of payment gateway.
“Such features help in arresting abandoned transactions and boosting success rates,” Singh said, adding that MobiKwik payment gateway aims to offer enhanced customer interface, transparent pricing and next to zero-transaction failures.
The Payment Gateway supports all major instruments like credit and debit cards, netbanking, UPI and wallets.
SMS and email based payments is another hallmark of the new Payment Gateway, allowing users to pay for doorstep deliveries via credit/debit cards.
The Journey So Far: From Digital Wallet To Relaunching Payment Gateway
Started in 2009, by Bipin Preet Singh and Upasana Taku, the mobile wallet claims to have over 55 Mn users and 1.5 Mn retailers on its platform. The company has raised a total of $151.9 Mn in 6 rounds of funding, to date.
Since the roll out of UPI, the company has been actively working with banks and government-owned companies. For instance, recently, the company announced to raise $35.2 Mn from Bajaj Finance against 11% stake in August 2017. It also developed digital wallet for government-owned telecommunication company BSNL.
Earlier this year, Mobikwik was also rumoured to be in the race to acquire rival FreeCharge, which was finally sold to Axis Bank last week for $60 Mn. Meanwhile, rival Paytm is now in the process of integrating a WhatsApp-like in-app chat service on its native app.
Further, MobiKwik is growing its payment gateway team size to 100 employees by FY 2018 in 5 cities which include Delhi, Mumbai, Pune, Kolkata and Bengaluru. It currently powers payments for more than 30,000+ ecommerce websites and apps and aims to double the figure by FY 2018. Current clients of MobiKwik Payment Gateway include UBER, Zomato, Domino’s, IRCTC, Grofers, Instamojo, Easemytrip and many other leading brands. Also, it has a network of over 20,00,000 direct merchants and more than 60 million users.