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Mobile Wallet transactions grew 558% year on year to 352.23 million in April 2017

 

For the month ending April 2017, number of transactions using Prepaid Payment Instruments (Mobile Wallets and PPI Cards combined) grew by 3% to 352.23 million as compared to 342.09 million in March 2017, and 408% compared to 69.3 million in April 2016, according to data from the Reserve Bank of India. The amount transacted went down 3% month on month to Rs 10,371 crores from Rs 10,677 crores, but grew 122% year on year from Rs 4672 crores in April 2016.


Much of the growth was pushed by mobile wallets, which grew 4.4% month on month to 320.87 million transactions from 307.45 million, and 558% year on year from 48.76 million transactions in April 2016. Amount transacted using Mobile Wallets grew 2% month on month – to Rs 7442 crores from Rs 7312 crores, and 225% year on year from Rs 2293 crores in April 2016.

Download our digital payments in India report here.


The impact of demonetization, which was initiated on November 8th 2016, is evident in the chart below, with the number of transactions and amount transacted growing rapidly for PPIs in December 2016:


Number of transactions for PPIs (wallets + PPI Cards) increased by 10.14 million in April 2017. Total amount transacted went down by Rs 306 crore.


Number of transactions for mobile wallets grew by 13.14 million in April 2017 while the total amount transacted was up by Rs 130 crore. In the previous month (March 2017), number of transactions had increased by 60.5 million, and the amount transacted had raised by Rs 401 crore.


With growth in the number of transactions, the average amount per transaction has been on the decline. In April 2017, average amount per transaction for Mobile Wallets was Rs 232. A year ago it had been Rs 470.

Data Source: RBI

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