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Mobile Wallet transactions grew 575.3% year on year in March 2017

For the month ending March 2017, number of transactions using Prepaid Payment Instruments – essentially Mobile Wallets and PPI Cards grew by 22% as compared to February 2017, and 375% compared to March 2016, according to data from the Reserve Bank of India. The amount transacted grew 11% month on month and 78% year on year.

Much of the growth was pushed by mobile wallets, which grew 24.5% month on month and 575.31% year on year in terms of number of transactions and 5.8% month on month and 307% year on year in terms of amount transacted.

The impact of demonetization, which was initiated on November 8th 2016, is evident in the chart below:

Number of transactions for PPIs (wallets + PPI Cards) increased by 62.07 million in March 2017, recovering from a decline February 2017. Total amount transacted went up by Rs 1049 crore.

Number of transactions for mobile wallets grew by 60.5 million in March 2017 while the total amount transacted was up by Rs 401 crore. In the previous month (February 2017), number of transactions had declined by 14.7 million, and the amount transacted had reduced by Rs 1442 crore.

With growth in the number of transactions, the average amount per transaction has been on the decline. In March 2017, average amount per transaction for Mobile Wallets was Rs 238. A year ago it had been Rs 445.

Data Source: RBI

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