Ltd, which owns and operates the virtual wallet MobiKwik, on Friday said that Nasdaq-listed firm Net1 will invest $40 million in the company, as part of a strategic partnership. Net1 UEPS Technologies, Inc. through its technology agreement will also integrate its virtual card technology across all MobiKwik wallets. “Our strategic investment in MobiKwik provides us with meaningful participation in one of the largest and fastest growing digital payment markets globally. The digital payments industry India will grow by 10 times to touch $500 billion by 2020 and contribute 15% of gross domestic product (GDP), the report said. It currently claims to be connecting 32 million users with 100,000 retailers.

Source: Mint August 26, 2016 09:56 UTC