The Reserve Bank of India has reported that the number of mobile banking transactions in India has increased by 6.39%to 47,20,871 during the of November 2012, up from 44,37,205 reported during October 2012. The total amount transacted for the month increased by 8.3% to Rs 5389547.56
from Rs 49,76,472.69.

The average amount per transaction for November 2012 stood at Rs 1,141.64, up from Rs 1,121.53 in October 2012. However, we believe that this transaction information shared by the RBI with us includes both payment and non payment related transactions.

Also, do note that there is a significant difference in RBI’s current data and previously reported data for October 2012: the amount transacted in October 2012 was Rs 49,764.72 lakh, whereas the RBI had previously reported this amount as Rs 77,90472.69. In addition it has now revised the number of transactions for October 2012 to 44,37,342 from 44,37,205.

It’s interesting that September 2012 saw a decline in the number of transactions to 38,97,614 transactions from 39,68,226 transactions in August 2012, and also witnessed a significant increase in the amount transacted to Rs 41,045.19 lakh from 35,486.27 lakh in August 2012, thereby resulting in a significant increase in the average amount of transaction to Rs 1053.09 from Rs 894.26 in August 2012. The average amount transacted has remained above Rs 1000 since, and is increasing.


Chart: Transactions Vs Amount Using Mobile Banking In India During Aug 2011- Oct 2012
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– IMPS Data: 44.49M Mobile Money IDs, Just 86,884 Txns In Nov 2012