Aiming at a second position in terms of overall market share, domestic mobile wallet major MobiKwik on Monday announced target of Rs 1.4 lakh crore in annual payment volume for its payment gateway business. Also Read - Pakistan Ready to Resolve All Outstanding Issues With India Through Dialogue, Says Imran Khan

Explaining its goal, the company in a statement said this decision comes on the back of superlative performance demonstrated by its payment gateway business in the last one year, having tripled both its total payment volume and gross revenues. The company reported a profit of Rs 70 lakh in the month of June 2019. Also Read - Ladakh Standoff: What India, China Discussed During 16-Hour Long Military-Level Talks | Read Here

Over 94 million unique cards are saved on MobiKwik’s payment gateway platform — including 20 million credit cards, that is 50 per cent of all the credit cards issued in India. Also Read - Ladakh Standoff: India-China Hold 10th Round of Military Talks For Further Disengagement | What to Expect

“Our focus on building the best tech stack for our merchants is evident in the growth and success of our payment gateway business. Our product and user experience philosophy is to keep the latter simple and ultra-fast,” said Upasana Taku, co-founder, MobiKwik.

MobiKwik Payment Gateway powers payments across sectors like fin-tech, e-commerce, food, travel, logistics, gaming and automobiles in India.

To achieve its target annual payment volume, the company is aggressively adding new merchants in high growth verticals such as e-commerce, fin-tech, telecom, food and education.

Payment gateways have become the backbone of India’s booming digital payments market, the company noted.

According to a BCG-Google research, the Indian digital payments industry is estimated to touch $500 billion by 2020 and would contribute 15 per cent to the country’s GDP.

Another report by Credit Suisse Group AG estimates that the Indian digital payments market will increase five-fold from the current $200 billion to $1 trillion by 2023.