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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.

 


Much of the growth happened in Mobile Wallets, which increased 37.5% month-on-month to 253.2 million transactions from 184.1 million, and were down 31% year on year from 367.4 million transactions in May 2019. Amount transacted using Mobile Wallets increased 27.5% to Rs 11,080 crores from Rs 8,693 crores and decline 30% year on year from Rs 15,727 crores in May 2019.


The number of transactions for PPIs (Wallets + PPI Cards) increased by 94.6 million in May 2020. Total amount transacted went up by Rs 3,160 crore.

The number of transactions for Mobile Wallets grew by 69 million in May 2020, while the total amount transacted was up by Rs 2,387 crore. In the previous month (April 2020), the number of transactions had decreased by 133.7 million, and the amount transacted declined by Rs 4,418 crore.

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The average amount per transaction for PPI went down to Rs 422 for May 2020. It has been trending down, with a decrease in the amount transacted, whereas the average amount per transaction for Mobile Wallets was Rs 438. A year ago it had been Rs 428.

Data Source: RBI

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