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Amount transacted using Mobile wallets in Jan 2017 was 2.5x of Nov 2016

For the month ending January 2017, volume and amount of transactions on prepaid cards decreased by 29.6% and increased by 9.6% respectively, according to the Reserve Bank of India.

Number of transactions for prepaid cards declined by 14.2 million in January 2017, registering its biggest fall since November 2016. Total amount transacted went up by Rs 201 crore — biggest growth since October 2016.

Mobile wallets, on the other hand, saw a growth of 22.8% and 12.2% in volume and amount of transactions respectively, for the month. The number of transactions for January 2017 were almost 1.8 times that of November 2016 (where they had shown a decline), and amount transacted was around 2.5 times.

Number of transactions for mobile wallets grew by 48.6 million in January 2017 while the total amount transacted was up by Rs 905 crore. In the month before, volume and amount of transactions for mobile wallets increased by 75 million and grew Rs 4143 crore respectively.

The average amount per transaction has decreased with an increase in usage, which means people are transacting with smaller amounts.  In January 2017, average amount per transaction for prepaid cards was Rs 679 and it is a recovery from the drop in November. For mobile wallets, average amount per transaction was just Rs 319.

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    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ