wordpress blog stats
Connect with us

Hi, what are you looking for?

Mobile Banking In India: Transactions Vs Amount Transacted In Oct 2013

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.

RBI Oct table 2013

RBI Oct 2013

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.

Related:

Mobile Banking In India: Transactions Vs Amount Transacted In Sep 2013
– Mobile Banking In India: Transactions Vs Amount Transacted In Nov 2012
– Chart: Transactions Vs Amount Using Mobile Banking In India During Aug 2011- Oct 2012
– Chart: Transactions Vs Amount Using Mobile Banking In India During Aug 2011-May 2012
– Chart Of The Day: Transactions vs Amount Using Mobile Banking In India
– IMPS Data: 44.49M Mobile Money IDs, Just 86,884 Txns In Nov 2012

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

News

A survey by the National Payments Corporation of India (NPCI) found that at least 80% of households now use digital payment apps like Paytm,...

News

In an affidavit filed before the Supreme Court, the Reserve Bank of India (RBI) has said that companies like WhatsApp, Google and Amazon have...

News

While digital payment adoption began to grow significantly post demonetisation, the COVID-19 pandemic accelerated this shift over the last year, according to PwC India’s...

News

We missed this earlier.  A technical policy paper authored by researchers at global card network Visa Inc. has proposed a common protocol that can...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to Daily Newsletter

    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ