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PPI transaction volumes grew by 128% in April 2021 but still below pre-COVID levels

Wallets

Compared to the previous month, April saw a decline in the number of transactions for both PPIs and Mobile Wallets but the average transaction amounts signalled an upward trend. 

Digital payment transactions through Prepaid Payment Instruments — which includes both Mobile Wallets and PPI Cards combined —stood at 476.2 million transactions at the end of April 2021, up by 128% from 208.6 million transactions in the previous year. However, the overall value of PPI transactions grew by 130% to Rs 22,148 crore by the end of April 2021 compared to Rs 9,648 crore in the previous year, according to data from the Reserve Bank of India (RBI).

There was a slump in PPI transactions from April 2020 onwards, as the country went into lockdown to prevent the spread of COVID-19. Overall transactions are still below their pre-COVID levels as the highest number of PPI transactions was recorded in January 2020.

Mobile wallet transactions are up 115% year-on-year (YoY) from 184 million transactions reported in April 2020. The total amount transacted using Mobile Wallets decreased by 3% to Rs 14,421 crores in April 2021 from Rs 14,856 crores in March. On a YoY basis, overall mobile wallet transactions grew 66% from Rs 8,693 crores in April 2020.

The number of transactions for PPIs (Wallets + PPI Cards) decreased by 39.3 million in April 2021, while the total amount transacted went down by Rs 776 crore from the previous month.

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The number of transactions for Mobile Wallets declined by 22 million in April 2021 from the previous month, while the total amount transacted declined by Rs 435 crore during the same period. In March 2021, the number of transactions increased by 53 million, while the amount transacted grew by Rs 2,114 crore.

The average amount per transaction for PPIs went up to Rs 465 for April 2021. It has been trending up, with an increase in the amount transacted, whereas the average amount per transaction for Mobile Wallets was Rs 364.

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