wordpress blog stats
Connect with us

Hi, what are you looking for?

Transactions on prepaid cards down by 10.50%; mobile wallets up by 14%

chillr-adOur Digital Payments coverage is brought you by Chillr: India’s 1st multi-Bank instant mobile payment app enabling fund transfers to anyone in your phonebook

Prepaid cards and mobile wallets are finding favor with Indian customers but their growth has not been steady.

For the month ending September 2015, volume and amount of transactions on prepaid cards declined by 10.50% and 14.50% respectively, according to the Reserve Bank of India.


Mobile wallets, on the other hand, saw a growth of 14% and 34.50% in volume and amount of transactions respectively.


Some observations:


1. Number of transactions for prepaid cards declined by 1.06 million in September 2015, registering its biggest fall since November 2014. Total amount transacted came down by Rs 340 crore — highest since April 2015.


2. Number of transactions for mobile wallets grew by 6.1 million in September 2015 while the total amount transacted was up by Rs 461 crore. In the month before, volume and amount of transactions for mobile wallets declined by 10.76 million and Rs 94 crore respectively.


3. People are more comfortable transacting big amounts on prepaid cards. In September 2015,  average amount per transaction for prepaid cards was Rs 2226.42 and it has stayed over Rs 1500 consistently throughout the year. For mobile wallets, average amount per transaction is just Rs 366.98.


You May Also Like


A union representing India’s largest public bank along with a coalition of labour unions and NGOs requested the Reserve Bank of India to reject...

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

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ