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Mobile Wallet transactions declined by 14.6M to 186.7M in November 2017

Wallets

For the month ending November 2017, number of transactions using Prepaid Payment Instruments (which includes both Mobile Wallets and PPI Cards combined) decreased by 4% to 236.16 million as compared to 245.18 million in October 2017, and grew 39% compared to 169.3 million in November 2016, according to data from the Reserve Bank of India. The amount transacted went up 14% month on month to Rs 13,321 crores from Rs 11,698 crores, while grew 163% year on year from Rs 5,074 crores in November 2016.

Much of decline happened in mobile wallets, which decreased 7% month on month to 186.67 million transactions from 201.23 million, but were up 35% year on year from 138.09 million transactions in November 2016. In terms of number of transactions, there is a clear trend downwards. Amount transacted using Mobile Wallets grew 8.4% month on month – to Rs 9,388 crores from Rs 8,660 crores, but grew 184% year on year from Rs 3,305 crores in November 2016.

 

Number of transactions for PPIs (wallets + PPI Cards) decreased by 9 million in November 2017. Total amount transacted went up Rs 1,623 crore.

Number of transactions for mobile wallets declined by 14.6 million in November 2017 while the total amount transacted was up by Rs 728 crore. The highest decline in Mobile wallet transactions happened in May 2017. In the previous month (October 2017), number of transactions had increased by 1.8 million, and the amount transacted had grown by Rs 506 crore.

With more decrease in the number of transactions than the amount transacted for the current month, the average amount per transaction has grown. In November 2017, average amount per transaction for Mobile Wallets was Rs 503. A year ago it had been Rs 239.

Data Source: RBI

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