Instant messaging service provider Hike revealed that its wallet transactions have reached 10 million in November 2017. With this success, the company is also planning to launch a host of other services including cab booking, movie ticket booking, bill payments, food ordering, etc. Following the success of the wallet feature, Hike has also added a dedicated wallet tab for users to access the service easily.
Among the total transactions, about 70% of the transactions were for recharges while the other 30% were P2P transactions. Among the 30% P2P transactions, UPI transactions consisted of 10% and normal wallet transactions consisted of 10%. Hike plans to launch a range of other services in the first quarter of 2018. Following this, these transactions are expected to increase even further.
The company’s CEO Kavin Mittal is optimistic that wallet transactions will increase significantly in the near future. He noted that the company is currently collaborating with other partners to provide services like taxi booking for its customers. He also added that the platform will soon become a powerful distribution model in order to reach a wider audience across the country.
The company says that it has over 100 million users in the country. The company also claims that a quarter of these 100 million users are active wallet users. Hike’s aim to launch other services indicate that the company does not want to limit itself to just instant messaging. The company also revealed that it is open for funding in the future. In August 2016, Hike received a $175 million funding from Chinese investor Tencent.