Idea Money, Idea Cellular’s prepaid wallet service, increased its registered user base to 12.30 million at the end of the September quarter (Q2FY18), growing 4.62% from 11.76 million in the preceding quarter. On a year-on-year basis, the number of registered wallet users increased 145.49% from 5.01 million.The total number of transactions for the quarter stood at 2.48 million growing flat from 2.43 million in the preceding quarter. However, on a year-on-year basis, the transaction volume decreased 25.29% from 3.32 million. The value of the transactions also declined in the quarter to Rs 116 crore. In the preceding quarter, it stood at Rs 219.4 crore a fall of 24.3%. The average transaction value Rs 669, a QoQ decline 25.7% from Rs 901. Not that the company has not given out details about its domestic remittance service this quarter. In Q4, Idea Money said that it processed remittances worth Rs 1186 crore in FY17 through its retail-assisted model. In addition to remittances, the retail assisted model will also allow users to pay bills and book tickets for other services. Earlier this month, Idea Money partnered with bus booking service redBus and has similar partnerships with BookMyshow, KFC, Dominos, Yepme, MakeMyTrip and IRCTC. Idea Money is currently available in 17 circles where the telecom operator is present. The company has also enabled a USSD-based platform which allows merchants and customers to process digital payments. USSD is a technology that allows wallet payments to customers who do not have access to a smartphone or internet data. More details here. Payments bank operations Idea was also one of 11 applicants to get…
