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Transactions in prepaid cards increased by 13% in November 2016

For the month ending November 2016, volume and amount of transactions on prepaid cards increased by 13.2% and decreased by 40.8% respectively, according to the Reserve Bank of India.


Mobile wallets, on the other hand, saw a growth of 38.7% and decline of 2.4% in volume and amount of transactions respectively.


Some observations:


1. Number of transactions for prepaid cards raised by 3.6 million in November 2016, registering its biggest fall since September 2016. Total amount transacted went down by Rs 992 crore — biggest decline since this month.

2. Number of transactions for mobile wallets grew by 38.5 million in November 2016 while the total amount transacted was down by Rs 80 crore. In the month before, volume and amount of transactions for mobile wallets increased by 24.3 million and grew Rs 193 crore respectively.


3. People are more comfortable transacting big amounts on prepaid cards. In November 2016, average amount per transaction for prepaid cards was Rs 467 and it has stayed over Rs 450 consistently throughout the year. For mobile wallets, average amount per transaction is just Rs 239.

Data Source: RBI

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