For the month ending February 2016, volume and amount of transactions on prepaid cards declined by 48.3% and 12.6% respectively, according to the Reserve Bank of India.
Mobile wallets, on the other hand, saw a growth of 1% and 1.7% in volume and amount of transactions respectively.
Some observations:
1. Number of transactions for prepaid cards decreased by 7.95 million in February 2016, registering its biggest fall in the last one year. Total amount transacted was down by Rs 311 crore — biggest decline since September 2015.
2. Number of transactions for mobile wallets increased by 0.3 million in February 2016 while the total amount transacted was up by Rs 37 crore. In the month before, volume and amount of transactions for mobile wallets came down by 5 million and increased by Rs 151 crore respectively.
3. People are more comfortable transacting big amounts on prepaid cards. In February 2016, average amount per transaction for prepaid cards was Rs 2528 while for mobile wallets it was just Rs 459.
Data Source: RBI
Related:
Transactions on prepaid cards down by 10.50%; mobile wallets up by 14%
Prepaid card transactions grew over 10%; mobile wallets down by 9%
