The number of mobile banking transactions in India has witnessed a 7.1% growth month on month to 7.7 million transactions (7,789,460 transactions) for October 2013, up from 7.16 million transactions (7,169,429 transactions) reported in September 2013, according to the latest RBI numbers. It had reported 6.76 million (6,762,969) transactions in August 2013 and 7.03 million (7,031,635) transactions in July 2013.
The total amount transacted also registered a significant 24.86% growth on a monthly basis to Rs 1,954 crore, up from Rs 1,565 crore reported in September 2013.
The average amount per transaction for October 2013 was at Rs 2,508.93, a 14.86% increase from Rs 2,184.27 in September 2013. However, we believe that this transaction information shared by the RBI includes both payment and non payment related transactions.
In November 2013, The Telecom Regulatory Authority of India (TRAI) had set a ceiling tariff of Rs 1.50 for each outgoing USSD-based mobile banking session and had asked telecom service providers to collect the charges from their subscribers for providing this service. It had also increased the maximum number of stages for completing a mobile banking transaction to five stages of message transmission, in case of SMS and five stages of options in case of USSD and IVR.
Besides this, it had also issued regulations to establish a framework to enable bank agents interface with access service providers to provide mobile banking services through SMS, USSD and IVR channels.
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