wordpress blog stats
Connect with us

Hi, what are you looking for?

Mobile Wallet transactions grew by 1.8M to 201.3M in October 2017


For the month ending October 2017, number of transactions using Prepaid Payment Instruments (which includes both Mobile Wallets and PPI Cards combined) increased only by 2% to 245.18 million as compared to 240.29 million in September 2017, and grew 93% compared to 126.9 million in October 2016, according to data from the Reserve Bank of India. The amount transacted went up 7% month on month to Rs 11,698 crores from Rs 10,977 crores, while grew 94% year on year from Rs 6,022 crores in October 2016.

A small growth happened in mobile wallets, which increased month on month to 201.23 million transactions from 199.48 million, but were up 102% year on year from 99.57 million transactions in October 2016. In terms of number of transactions, there is a clear trend downwards. Amount transacted using Mobile Wallets grew 6% month on month – to Rs 8,660 crores from Rs 8,154 crores, but grew 156% year on year from Rs 3,385 crores in October 2016.

Number of transactions for PPIs (wallets + PPI Cards) increased by 4.9 million in October 2017. Total amount transacted went up Rs 721 crore.

Number of transactions for mobile wallets grew by 1.8 million in October 2017 while the total amount transacted was up by Rs 506 crore. The highest decline in Mobile wallet transactions happened in May 2017. In the previous month (September 2017), number of transactions had decreased by 26 million, and the amount transacted had increased by Rs 892 crore.

With more increase in the amount transacted than the number of transactions for the current month, the average amount per transaction has grown. In October 2017, average amount per transaction for Mobile Wallets was Rs 430. A year ago it had been Rs 340.

Data Source: RBI

You May Also Like


While digital payment adoption began to grow significantly post demonetisation, the COVID-19 pandemic accelerated this shift over the last year, according to PwC India’s...


The first few days of this year were rife with speculation that Alibaba founder Jack Ma had disappeared. But the fintech tycoon remains elusive,...


In a first for India’s fintech industry, U GRO Capital has filed a patent application with the Indian Patent Office for its score-card based...


The Department for Promotion of Industry and Internal Trade (DPIIT) has forwarded complaints against Amazon and Flipkart, made by traders body Confederation of All...

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 Daily Newsletter

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