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Mobile wallet transactions grew by 37.5% in May 2020

For the month ending May 31, 2020, the number of transactions using Prepaid Payment Instruments (which includes both Mobile Wallets and PPI Cards combined) grew by 45.3% to 303.2 million as compared to 208.6 million in April 2020. However, it went down 28% (by 115.8M) from 419 million in May 2019, according to data from the Reserve Bank of India. The amount transactions grew 32.8% month on month to Rs 12,808 crores from Rs 9,648 crores and decreased 30% year on year from Rs 18,297 crores. It’s still off its peak of 523.7 million transactions in January 2020, and Rs 22,128 crores in October 2018. The RBI doesn’t release company-specific data. The steep increases follow a major slump in both metrics in April, which was likely due to a nationwide lockdown that was imposed to prevent the spread of Covid-19.…

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