airtel-money

Airtel’s mobile money platform Airtel Money has reported a total active customer base grew of 4.3 million in Africa for the quarter ended June 30, 2014, registering a significant 22.86% growth from 3.5 million customers in the previous quarter and more than triple of 1.3 million users in the same quarter last year. 

The total number of transactions however saw a modest growth to 97 million for the quarter, up 5.4% from 92 million transactions in the previous quarter. On a yearly basis, the growth was more significant with the total transactions nearly quadrupling from 26 million transactions in the same quarter last year.

The total value of transactions however saw a marginal dip to $2.19 billion for the quarter from $2.2 billion in the previous quarter but grew from $0.45 billion in the same quarter last year. As a result, the average value per transaction also dipped to $22.54 for the quarter from $23.93 million in the previous quarter but increased from $17.23 in the same quarter last year.

Strangely, Airtel hasn’t disclosed any information on how Airtel Money has performed in India for the quarter. We’ve written to Airtel requesting for more information on this and will update once we get it.

Remember that Airtel Money is currently one of the largest Prepaid Payment Instruments services in India, although most of the transactions are likely to be recharges. The company had reported an active base of 1.7 million users in India in Q4-FY14, up from 1.3 million in the previous quarter.

The total number of transactions made in the country was at 38 million, up 25.8% quarter-on-quarter (QoQ) while the total amount transacted was at Rs 1,364.2 crore for the quarter, up 10.2% QoQ.

Last week, Govind Rajan, Chief Marketing Officer (Consumer Business) at Bharti Airtel, had also taken an additional charge as CEO of Airtel Money. Rajan took over from Sriram Jagannathan, who was with the company for about four and a half years.

Interestingly, this appointment comes at a time when Reserve Bank of India has begun a process for allowing telecom operators and other stakeholders such as prepaid payment instruments services like Airtel Money, Oxigen, Itz cash card, Paytm and Mobikwik to set up Payment Banks, for enabling deposits for money transfer and payments.

Other telcos who have mobile money services 

– Last week, Vodafone India’s mobile money service M-Pesa had reported 0.3 million active users for the quarter ended June 30, 2014.

– 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 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.