Digital payments firm MobiKwik has set a target of clocking a gross transaction value of Rs 10,000 crore in funds transfer and having over 20 million users in 2019-20.

The company said in a statement on Monday that it had seen a 400 per cent growth in its funds transfer business last year with a gross transaction value of Rs 4,344 crore.

IMPS (immediate payment service) is an instant interbank electronic funds transfer system. Through IMPS, a user can also transfer funds from the digital wallet to the bank account.

The Gurgaon-based company said under NPCI data, MobiKwik has a market share of 26 per cent and clocked funds transfer of Rs 362 crore from its wallet to banks in May 2019 with the highest average transaction value of Rs 5,363.

The company said its “wallet to bank” feature is used by small merchants who accept payments via MobiKwik as well as users who have taken digital loans in their wallets.

“We are now targeting Rs 10,000 crore in IMPS GTV and 20-million-plus users to use our IMPS service in 2019-20,” said Upasana Taku, co-founder MobiKwik.

Taku, along with Bipin Preet Singh, formed the company in 2009. The company has raised around $120 million under four rounds from investors, including Sequoia Capital and American Express.

Besides digital wallet, the firm offers services such as lending, insurance, investments in mutual fund and gold and payment gateway. It has 107 million users and three million merchants. The company earned a gross revenue of Rs 184.6 crore in 2018-19.