Idea Money's user base increased to 5.012 million in Q2 FY17 showing a growth of 47.1% from the preceding quarter. The transaction count increased 21.6% to 3.32 million from 2.747 million in the previous quarter but the the average transaction value decreased 5.08% to Rs 317 from Rs 334 in the preceding quarter. The total transaction value increased 15.2% q-o-q to Rs 105.5 crore. Idea had launched Idea Money in August 2014, after eight months of receiving a wallet service from the Reserve Bank of India (RBI) but has only recently started pushing for adoption. The number of Idea Money users increased from 2.05 million in the March quarter (Q4 FY16) to 3.407 million in the June quarter (Q1 FY17). Idea was also one of the 11 applicants to get a payments bank licence from the Reserve Bank of India. It had applied for a Payments Banks license in a 49:51 joint venture with Aditya Birla Nuvo Limited. The company is likely to commercially launch its services by the first half of 2017. Although the company mentioned that it has applied to fold Idea Money to its payments bank. Idea Money's expansion is part of the telecom operator's plan of offering a full suite digital services. Last quarter, Idea said that it would be launching its mobile games app in the third quarter of this fiscal year and chat, music and movie streaming apps in the fourth quarter of fiscal 2017 Reliance Jio has a bouquet of apps which includes video and music streaming, magazines, news, chat and TV streaming for Rs 1250. Idea Money…
