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Mobile wallet transactions grew 14.7% in June 2020

For the month ending June 30, 2020, the number of transactions using Prepaid Payment Instruments which includes both Mobile Wallets and PPI Cards combined grew by 17% to 354.7 million, as compared to 303.2 million in May 2020. However, the number of transactions via PPI fell 9% YoY, from 389.8 million in June 2019, according to data from the Reserve Bank of India (RBI).

The rise follows a major slump in both number of transactions and amount transacted in April, when the entire country was under a nationwide lockdown imposed to prevent the spread of COVID-19.

The amount transacted grew 13.2% month-on-month to Rs 14,494 crores from Rs 12,808 crores, but decreased 18% year-on-year from Rs 17,764 crores. The highest number of transactions recorded 523.7 million transactions in January 2020, and the highest amount transacted was Rs 22,128 crores in October 2018. The RBI doesn’t release company-specific data.

 


Much of the growth happened in Mobile Wallets, which saw a 14.7% month-on-month increase, climbing to 290.5 million transactions from 253.2 million. Mobile wallet transactions, however, were down 13% year-on-year from 334.7 million transactions in June 2019. Amount transacted using Mobile Wallets increased 9.5% to Rs 12,132 crores from Rs 11,080 crores in May, but declined 20% year on year from Rs 15,254 crores in June 2019.


The number of transactions for PPIs (Wallets + PPI Cards) increased by 51.5 million in June 2020. Total amount transacted went up by Rs 1,686 crore.

The number of transactions for Mobile Wallets grew by 37.3 million in June 2020, while the total amount transacted was up by Rs 1,052 crore. In the previous month (May 2020), the number of transactions had increased by 69.1 million, and the amount transacted grew by Rs 2,387 crore.

The average amount per transaction for PPI went down to Rs 409 for June 2020. It has been trending down, with a decrease in the amount transacted, whereas the average amount per transaction for Mobile Wallets was Rs 418. A year ago it had been Rs 456.

Data Source: RBI

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