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Prepaid card transactions grew over 13.4%; mobile wallets up 9% in March 2016

For the month ending March 2016, volume and amount of transactions on prepaid cards grew by 13.4% and 29.5% respectively, according to the Reserve Bank of India.

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Mobile wallets, on the other hand, saw a growth of 9% in volume and 5.7% in the amount of transactions.

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Some observations:

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1. Number of transactions for prepaid cards increased by 2.19 million in March 2016. Total amount transacted went up by Rs 746 crore.

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2. Number of transactions for mobile wallets grew by 4.4 million in March 2016 while the total amount transacted was up by Rs 128 crore. In the month before, volume and amount of transactions for mobile wallets increased by 0.3 million and Rs 37 crore respectively.

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3. People are more comfortable transacting big amounts on prepaid cards. In March 2016, average amount per transaction for prepaid cards was Rs 1,771 and it has stayed over Rs 1,400 consistently throughout the year. For mobile wallets, average amount per transaction is just Rs 445.

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%
Transactions in prepaid cards declined by 48% in February 2016

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