The number of transactions using mobile banking in India have gone up by 68.86% while the amount has increased by 102.65% taking into consideration the period from August 2011 to May 2012. The average amount per transaction stood at Rs 731.83, though we believe that the transaction information shared by the RBI with us includes both payment and non payment related transactions.

Some observations

– There is a significant difference in RBI’s current data and previously reported data. For instance, RBI reports that the amount transacted in Aug 2011 was Rs 13,646.43 lakhs, whereas it had reported in October 2011 that the amount transacted in Aug 2011 was 12,486.31 lakhs. Similarly, RBI reports that the number of transactions in August 2011 were 19,81,924, whereas it had reported in October 2011 that the number of transaction in August 2011 were 18,92,066.

– As of May 2012, the total number of mobile banking transactions stood at 33,46,743 while the amount transacted was at Rs 28654.54 lakhs.

– The amount transacted saw a minor slump of 3.7% in January 2012 from December 2012, while the number of transactions increased by 6.13% in the same period. Similarly, the number of transaction declined by 1.6% in February 2012 from January 2012, while the amount transacted grew by 2.62% in the same period.

– There was a significant jump in March 2012 from February 2012, with respect to both the number of transactions and the amount transacted. While the number of transactions increased by 11.55% during the month, the amount transacted increased by 18.61% during the same period.

– August 2011 saw Rs 13646.43 lakhs being transacted – the lowest amount transacted during this period, while May 2012 saw Rs 28654.54 lakhs being transacted – the maximum amount being transacted during this period.

RelatedChart Of The Day: Transactions vs Amount Using Mobile Banking In India