International ratings agency Fitch is now reporting a lowered GDP growth forecast of 6.9%, down from the earlier forecasted 7.4%, as a result of the recent monetization effort. But data shows that the number of daily transactions through e-wallet services such as Oxigen, Paytm, FreeCharge and MobiKwik has shot up from 1.7 million to 6.3 million.
With approximately 261% rate of growth, these mobile wallet companies have witnessed an explosion in expansion. Since the announcement, Mobikwik has added 5 million new users. To further attract a customer base, it has launched a marketing campaign called “MobiKwik Hai Na” (You can rely on MobiKwik) with front-page newspaper ads in five cities, radio campaigns as well as a company "anthem." The company is set to spend $250 million on marketing and branding by December this year. According to Mobikwik’s cofounder and CEO Bipin Preet Singh, “This is a once-in-a-lifetime opportunity for us to capture the market and we will not let it go.”