wordpress blog stats
Connect with us

Hi, what are you looking for?

Mobile Wallet transactions had declined by 10M in August 2017



For the month ending August 2017, number of transactions using Prepaid Payment Instruments (Mobile Wallets and PPI Cards combined) decreased by 3% to 261.1 million as compared to 270.2 million in July 2017, and grew 171% compared to 96.28 million in August 2016, according to data from the Reserve Bank of India. The amount transacted went up only 4% month on month to Rs 10,288 crores from Rs 9,856 crores, while grew 82% year on year from Rs 5,646 crores in August 2016.

Much of decline happened in mobile wallets, which decreased 4.3% month on month to 225.4 million transactions from 235.46 million, but were up 219% year on year from 70.68 million transactions in August 2016. Amount transacted using Mobile Wallets grew 4.7% month on month – to Rs 7,262 crores from Rs 6,934 crores, but grew 136% year on year from Rs 3,074 crores in August 2016.

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, but continued growth appears to be tricky at this point in time:
Number of transactions for PPIs (wallets + PPI Cards) decreased by 9.1 million in August 2017. Total amount transacted went up Rs 432 crore.

Number of transactions for mobile wallets declined by 10 million in August 2017 while the total amount transacted was up by Rs 328 crore. The highest decline in Mobile wallet transactions happened in May 2017. In the previous month (July 2017), number of transactions had increased by 13.8 million, and the amount transacted had also grew by Rs 1,624 crore- since the highest decline happened in June 2017 ever.
With more decrease in the number of transactions than the amount transacted for the current month, the average amount per transaction has grown. In August 2017, average amount per transaction for Mobile Wallets was Rs 322. A year ago it had been Rs 435.

Data Source: RBI

You May Also Like


A union representing India’s largest public bank along with a coalition of labour unions and NGOs requested the Reserve Bank of India to reject...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ