Zaakpay, the payment gateway of fintech start-up MobiKwik, has integrated with Meta to offer an embedded payment solution within WhatsApp as reported by Inc42. This will allow consumers and businesses to access multiple payment options such as credit and debit cards, Unified Payments Interface (UPI) and digital wallets.
MobiKwik, as quoted in the report, said that the integration will help micro-, small- and medium-enterprises (MSMEs) reach a wider customer base with WhatsApp’s user network, especially in Tier-II and Tier-III cities. It claimed that the new offering will provide flexibility and convenience to users and enhance business efficiency of merchants.
The new product aims to capitalise on the rising demand for conversational commerce by integrating payment solutions into the primary app platform.
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A year earlier, MobiKwik-owned Zaakpay received in-principle authorisation from the Reserve Bank of India to operate as an online payment aggregator. The licence allowed Zaakpay to onboard new merchants onto its platform for processing of online payments.
MobiKwik provides a set of financial products including payments, digital credit and investments to both businesses and consumers. Founded in 2009 by Bipin Preet Singh and Upasana Taku, it became a unicorn in October 2021 following a secondary sale of its employee stock ownership plans which pushed its valuation to reach $1bn.
Earlier this year, the start-up refiled its draft red herring prospectus to raise Rs 700 crore through its IPO. However, it is facing approval delays.
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It turned profitable in the FY24 and reported a net profit of Rs 14.1 crore compared to a net loss of Rs 83.19 crore in the previous fiscal. Its revenue from operations jumped 62 per cent to Rs 875 crore during the year ended March 2024 from Rs 539.5 crore in FY23.
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