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Transactions in prepaid cards increased by 39% in August 2016

For the month ending August 2016, volume and amount of transactions on prepaid cards increased by 39.3% and 2.6% respectively, according to the Reserve Bank of India.

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Mobile wallets, on the other hand, saw a growth of 19% and 11.4% in volume and amount of transactions respectively.

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Some observations:

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1. Number of transactions for prepaid cards raised by 7.21 million in August 2016, registering its biggest fall since June 2016. Total amount transacted went up by Rs 60 crore — biggest decline since April 2016.

aug-mw-net-add

 

2. Number of transactions for mobile wallets grew by 11.2 million in August 2016 while the total amount transacted was up by Rs 314 crore. In the month before, volume and amount of transactions for mobile wallets increased by 0.8 million and declined Rs 14 crore respectively.

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3. People are more comfortable transacting big amounts on prepaid cards. In August 2016, average amount per transaction for prepaid cards was Rs 927 and it has stayed over Rs 900 consistently throughout the year. For mobile wallets, average amount per transaction is just Rs 435.

Data Source: RBI

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