GMO Internet Group’s GMO Payment Gateway announced that the company invested into One Mobikwik Systems Private Limited via GMO Global Payment Fund. One Mobikwik Systems is an Indian provider of mobile wallet and GMO Payment Gateway selected the company as its strategic business partner.
As GMO Payment Gateway believes India is a promising market, the company and MediaTek, the world’s largest semiconductor designing company in Taiwan, become lead investors and conducted the joint investment with Sequoia Capital, US-based venture capital.
India has a population of about 1.2 billion as of 2013 and GDP of 2.2 trillion USD in 2015. It is a huge market with an estimated population of 1.4 billion and GDP of 3.4 trillion USD in 2020. According to INDIA BRAND EQUITY FOUNDATION’s research “Retail Industry of India”, Indian EC market has been rapidly growing and it is estimated that the size of the market will be 220 billion USD in 2025 from 14 billion USD in 2015. The number of users of mobile phone including smartphone exceeded 1 billion as of October 2015, and its penetration rate is thought to around 80%.
However, The World Bank’s research shows about half of the population in India has bank accounts and credit card penetration rate is only 5%. Thus mobile wallet has gradually become common payment way and its market scale is expected to be 6.6 billion USD by 2020.
GMO Payment Gateway has 5 overseas local offices; Singapore, Hong Kong, Taiwan, Malaysia, and Thai. The company will further expand its business in Asia through Z.com Payment and GMO Global Payment Fund.
(Source: GMO Payment Gateway )
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