Indian mobile wallet company MobiKwik lost INR190 million ($2.9 million) due to a technical glitch which saw money withdrawn from its own account rather than from customer wallets, The Times of India reported.
During a three and a half month period payments from some customers made through the wallet service – which is used by around 50 million people in India – were said to have been incorrectly removed from the company’s corporate account.
The matter was apparently down to a technical issue in MobiKwik’s own systems, which came to light during an internal audit, the newspaper said.
Representatives from the company said no customer data had been compromised. Its reported statement added the matter had been reported to police to assess if any individuals had transferred cash between wallets in a bid to take advantage of the situation.
MobiKwik is one of India’s most well established mobile wallet providers offering cash transfer, bill payment and retail purchases using QR codes at 1.5 million merchants across India.
Earlier this year, the company voiced its intent to invest INR3 billion in an attempt to treble its customer base. In August, MobilKwik raised INR2.25 billion selling an 11 per cent stake to investment company Bajaj Finance.