MobiKwik has launched a new service that will enable customers to make credit card bill payments on its application. At the moment, however, users can only make payments for Visa credit cards, irrespective of the issuing bank, it said in a press release. MobiKwik will be extending this service to other credit card brands in the near future, the release added. The company expects the service to significantly boost its revenues given the ‘burgeoning’ credit card market in the country. In April 2018, there were a total of 37.78 million credit cards operational in the country, according to data from the Reserve Bank of India. While Visa claims to be the market leader in issuances of credit cards in India, it remains unclear on how many such cards the financial firm has operational in the country at the moment. Upasana Taku, co-founder and Director at MobiKwik said, “Credit card payments offers a huge opportunity and we are targeting capturing a market share of 3-5% of the credit card spend market, which translates to ₹1,200- 2,000-crore opportunity, by the end of the current fiscal year.” Going forward, India is expected to have an additional over 40 million credits cards in the country over the next four years, while the Indian Credit Card industry is poised to grow at a whopping 25% Year on Year, as per RBI, the release said. While the ability to pay credit card bills certainly strengthens MobiKwik’s boutique of services, it will be interesting to see if…
