Mobile banking transaction values have surged to Rs 49,029 crore in the month of December 2015, latest Reserve Bank of India data showed. This represents a 46.48% increase in value of transactions from the previous month from Rs 33,471 crore. The volume of transactions (the number of transactions) however, has decreased to 39.49 million, a decline of 2.37%, from 40.45 million from the previous month. This might indicate that the ticket sizes of these transactions have increased. A report by Mint points out that the value of mobile banking transactions has increased 82% in the September-December 2015 period. Private sector banks and State Bank of India (SBI) dominated in terms of value of transactions and volumes. SBI was the leader in value of transactions (Rs 17,636.04 crore) followed by ICICI Bank (Rs 10,577 crore) and HDFC Bank (Rs 8,716.89 crore). To give context, the number of transactions on prepaid payment instruments in 2014-15 were 314 million while the value of transactions on wallets was Rs 21,300 crore, according to to a study by PriceWaterhouseCoopers India, Internet and Mobile Association of India (IAMAI) and Payments Council of India (PCI). Mobile banking registration on ATMs In December, the RBI asked all banks part of the National Financial Switch (NFS) to make changes to their ATMs so that they can allow customers to register for mobile banking. The NFS is a India’s largest network of shared and interconnected ATMs developed by the Institute for Development and Research in Banking Technology and managed by the NPCI. As of November 2015, there are 212,501 ATMs…
