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Wallet transactions grew to 747M in FY16 from 66M in FY13

Prepaid instrument (wallet) transactions have grown 124% to 747 million in FY16 from 66 million transactions in FY13, according to a digital payments report by Google and the Boston Consulting group. In contrast, mobile banking transactions grew by 94% from 53 million transactions in FY13 to 387 million transactions in FY16. However, transaction size in mobile banking is significantly higher with an average Rs 10,394 per transaction in FY16, while prepaid instruments had a lower average transaction size of Rs 618 in the same financial year. Digital transaction in India made through mobile wallets, electronic clearance systems (ECS), and at POS counters, witnessed a 52% year-over-year (y-o-y) growth in FY14-15, the report added. However, in 2013-15, cash based transactions made via cheque, cash, and at ATMs in India consisted for at least half (50%) of the overall payments category. Around 65% of customers who were aware of digital payments instruments moved to a trial stage or simply looked to experience cashless transactions digitally. While 81% of users of a digital payment instruments prefer it to any  other on-cash or net-banking method, credit/debit cards. Users in metro cities are increasingly ‘transiting’ towards digital payment methods, because of 24x7 access, and fast response rate of those transactions. Note that these indicators are based on Nielsen’s research with over 3,500 respondents, combined with BCG and Google’s industry intelligence. Reason for using digital payment Around 66% of respondents in metro cities and 51% in non-metro cities think that ease of access or the ability of ‘one-click-payments’ is the most important…

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