The Product — What It Is
The expanded FX Retail service, integrated within the Bharat Connect ecosystem, allows resident individuals to manage foreign exchange requirements entirely through the MobiKwik mobile application. Users can digitally book currency notes for physical collection at designated branches or top up existing Forex cards with transparent, live bank-linked pricing. The platform is powered by NBBL in collaboration with the Clearing Corporation of India Ltd.
(CCIL), ensuring regulatory compliance and same-day fulfillment. For outward remittances, the system utilizes bank redirection and branch channels, catering to diverse needs such as international travel, overseas education, and eligible payment requirements.
Commercial Opportunity
- Addresses growing demand for outbound travel and education remittances among 193 million registered users
- Exclusive partnership status as the only private entity utilizing NPCI's multi-currency FX Retail infrastructure
- Leverages Bharat Connect's scalability which already handled over ₹111 million in forex volume in early FY27
- Captures higher-value transactions with individual card and remittance limits reaching USD 10,000 equivalent
- Diversifies revenue streams beyond traditional wallet and UPI services into high-margin foreign exchange products
Management Perspective
By bringing multiple currencies together with transparent, bank-linked pricing, we are making foreign exchange more accessible, convenient and easy to manage for customers.
Business Overview
One MobiKwik Systems Limited is a leading digital financial services platform in India, maintaining a 19% market share in the PPI wallet gross transaction value as of June 2026. Since its founding in 2009, the company has evolved from a digital wallet into a comprehensive ecosystem serving 5.02 million merchants. Its product suite spans credit solutions like ZIP EMI, savings through fixed deposits and mutual funds, and digital gold investments.
While the company recorded a net profit of ₹7.62 crore in the latest quarter, it continues to focus on high-growth digital categories to strengthen its position against industry competitors.
