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PPI transaction volumes drop in January 2021, while transaction values grow marginally

Digital payment transactions through Prepaid Payment Instruments — which includes both Mobile Wallets and PPI Cards combined —stood 438.7 million transactions  at the end of January 2021, down by 16% from 523.7 million transactions in the previous year. However, the overall value of PPI transactions grew by 7% to Rs 19,419 crore by the end of January 2021 compared to Rs 18,153 crore in the previous year, according to data from the Reserve Bank of India (RBI). There was a slump in PPI transactions from April last year on ward, as the nationwide went into lockdown to prevent the spread of COVID-19. Overall transactions are still below their pre-COVID levels as the highest number of PP transactions was recorded in January 2020. Mobile wallet transactions are down 10% year-on-year from 388 million transactions reported in January 2020. The total amount transacted using Mobile Wallets increased by 1.4% to Rs 13,577 crores in January 2021 from Rs 13,392 crores in December 2020. On a YoY basis, overall mobile wallet transactions declined 12% from Rs 15,408 crores in January 2020. The number of transactions for PPIs (Wallets + PPI Cards) increased by 5.2 million in January 2021, while total amount transacted went up by Rs 1,266 crore from the previous month. The number of transactions for Mobile Wallets declined by 2.2 million in January 2021 from the previous month, while the total amount transacted grew p by Rs 185 crore during the same period. In December 2020, the number of transactions increased…

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