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Airtel Money’s India transactions up 25.8% QoQ; Amount transacted at Rs 1,364 Crore

The total number of transactions made in India through Airtel’s mobile payment business Airtel Money, witnessed a significant growth to 38 million for the quarter ended March 31, 2014, up 25.8% from 30.2 million transactions in the previous quarter.

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The company’s active user base also saw a modest growth to 1.7 million for the quarter, from 1.3 million in the previous quarter. However, the average value of transaction declined to Rs 359 for the quarter from Rs 406 in the previous quarter.

Despite this, the amount transacted witnessed a 10.2% growth to Rs 1,364.2 crore for the quarter, up from Rs 1,238 crore in the previous quarter.

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Airtel Money in Africa

The service’s performance in Africa is also encouraging. The total customer base using the Airtel Money platform increased by a significant 28.2% to 3.5 million from 2.73 million in the previous quarter. The total number of transactions increased by 25.5% to 92 million for the quarter as compared to 73.3 million in the previous quarter.

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Total value of transactions conducted using this platform increased by 28.6% to $2.2 billion for the quarter as compared to $1.71 billion in the previous quarter. The average value per transaction increased marginally to $23.93 for the quarter, from $23.4 in the previous quarter.

Other Telcos offering Mobile Payments

Vodafone has a license through its subsidiary Mobile Commerce Solutions Ltd, and has partnered with ICICI Bank for M-Pesa. Last week, M-Pesa business head Suresh Sethi had mentioned that they had completed the M-Pesa rollout in India. It is also working on a pilot project on enabling money disbursement through Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) through M-Pesa.

Tata DOCOMO has a license through its wholly owned subsidiary MMP Mobi Wallet Payment Systems and had partnered with ICICI Bank for mRupee money transfer and payment service. Last December, the telco had stated plans to extend the service to 26 Indian cities by the end of this fiscal (FY-14).

Idea Cellular had received a five-year prepaid mobile wallet license in December 2013 and has a partnership with Axis Bank (as does Airtel) for mobile money transfer services.

Reliance Jio which has a pan-India unified license had also received a mobile wallet license for a prepaid payment instrument called ‘Jio Money’ in November 2013.

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