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RBI’s latest data on digital transactions does not give a complete picture

  The Reserve Bank of India has released data on digital payments for the month of November 2016, and has said that it will release this data every day from here on. There has been some speculation that there has been a decline in even digital transactions month on month after demonetization: This is not true because the data being released in not comparable with the previous months: It's important to note that only the IMPS and UPI data is comparable with historical data, which we've shared in our Digital Payments report here, because in case of Debit and Credit cards, the data is for 4 banks only (the RBI hasn't specified which banks), and for Prepaid Payment Instruments (Wallets), it is only for 8 wallets (again, no clarity on which wallets). For the wallets, the data is limited to Goods and Services transactions only, which means that it ignores a critical use case of Mobile Wallets, which is money transfer. Also note that the data for December 2nd is provisional, and will be updated soon. There are 48 wallets in operation, according to the RBI's latest data. Among them, Paytm had claimed 70-90 million monthly transactions in September this year, and more recently, said that the average transactions had increased 3X of average in November. Note that as per RBI data, for November, there were 59 million transactions for goods and services on 8 wallets. For the month of August, the total number of transactions on wallets were 96.8 million, according to RBI…

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Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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