India-based digital financial services platform MobiKwik has added an on-the-go credit card bill payment option for Visa customers.
Irrespective of the issuer, all Visa customers will be able to pay their credit card bill on MobiKwik. The firm plans to extend the new service to members of other branded credit cards.
The move is also expected to help MobiKwik in targeting the expanding credit card market in India. Moreover, usage of such cards is said to have experienced a rapid rise among urban consumers the country.
India issued nearly 7.68 million credit cards between March last year and this year. Industry sources estimate that more than 40 million new cards will be added over the coming four years.
The Indian credit card industry is poised to grow at a rate of 25% year on year, according to the Reserve Bank of India. In the fiscal year 2017-18, the total credit card spends from about 33 million credit cards stood at about Rs450bn ($6.33bn).
MobiKwik co-founder and director Upasana Taku 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 Rs12bn-20bn opportunity, by the end of the current fiscal year.
“We are starting this category with Visa as our partner and will be extending this to other credit card brands in the times to come.”
Visa India head of business development Murali Nair said: “Our association with MobiKwik helps Visa consumers enjoy the convenience and flexibility of digital transactions through their mobile devices.
“In an increasingly digital world, Mobikwik empowers consumers with the ability to seamlessly pay their Visa Credit Card bills on the go.”