Prepaid cards and mobile wallets are favourable with Indian customers but their growth has not been steady. For the month ending January 2016, volume and amount of transactions on prepaid cards grew by 10.2% and 15.7% respectively, according to the Reserve Bank of India.
Mobile wallets, on the other hand, saw a decline of 9.2% and growth of 7.3% in volume and amount of transactions respectively.
1. Number of transactions for prepaid cards increased by 1.53 million in January 2016. Total amount transacted increased by Rs 334 crore — highest since July 2015.
2. Number of transactions for mobile wallets came down by 5 million in January 2016 while the total amount transacted was up by Rs 151 crore. In the month before, volume and amount of transactions for mobile wallets increased by 3.9 million and Rs 132 crore respectively.
3. People are more comfortable transacting big amounts on prepaid cards. In January 2016, average amount per transaction for prepaid cards was Rs 1496. For mobile wallets, average amount per transaction was just Rs 454.
Data source: RBI