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The above graph represents the total number of mobile banking transactions in India by month. India has been recording an applaudable month-over-month growth in its mobile banking transactions for the last few years. Interestingly, in October 2019, the total number of transactions on mobile banking reached an all-time high of 1,252.54 million, representing an impressive 13.1% month-over-month increase. On a yearly basis, it is an astonishing 123.8% YoY growth in the mobile banking transaction volume in October month.
|Source||Reserve Bank of India (RBI)|
|Note||India fiscal year starts from April 01|
One must note that August 2019 was the first time when India recorded the transaction volume of over 1000 million through mobile banking apps and wallets.
March 2014 was the first time when the total number of mobile banking transactions in India crossed the 10 million mark. The transaction volume increased from 8.86 million in February 2014 to 10.74 million in March 2014.
Almost after two years, exactly in May 2016, India recorded a whopping 26.8% month-over-month growth in its number of transactions done through mobile banking. The total transactions stood at 61.73 million in May 2016, from just 48.67 million in the previous month.
In December 2016, India once again recorded a whopping 26.5% month-over-month growth in the number of mobile banking transactions. This was mainly due to the announcement of demonetisation of all ₹500 and ₹1,000 banknotes in India. Therefore, people in India started using their credit/debit cards at POS, and other payment services such as Paytm, Freecharge, and other mobile wallets. Over 110.6 million transactions were completed using mobile banking in December month, compared to 87.47 million in the previous month.
Digital Transactions In India: Additional Information
The internet revolution has resulted in exploded adoption of digital methods of transactions worldwide. The users of Credit & Debit cards, mobile and internet nowadays are far more aware and digitally empowered with making financial transactions. In the last few years, however, digital transactions have branched out into multiple types of financial transactions.
Started with the use of Credit and Debit cards at POS in large retail stores, digital transactions industry has come a long way. The introduction of mobile wallets and UPI have transformed the whole digital transaction industry in India. RTGS (Real Time Gross Settlement), NEFT (National Electronic Fund Transfer), CTS (Cheque Truncation System), IMPS (Immediate Payment Service), NACH (National Automated Clearing House), UPI (Unified Payments Interface) and PPI (Prepaid Payment Instruments) are the main type of financial transactions that fall under the Digital transaction category.
Digital transactions save time and money, resulting in a better bottom line. Customer experiences are also enhanced (think of the convenience of eSigning versus having to print a contract, sign it, and then return it by mail or fax). And digital transactions improve tracking capabilities, which helps reduce errors.
The exploded adoption of smartphones, mobile apps and mobile internet has helped Digital transaction industry to grow at an unprecedented rate. With more than 500 million smartphone users, India is one of the largest countries by the number of digital transactions that are recorded every month.
The above graph is a part of Dazeinfo GraphFarm – the most trusted source of hundreds of thousands of market graphs. Our team of researchers mines millions of data points every month to bring the most updated and validated set of data points representing the comprehensive view in a graphical format. From mobile to e-commerce, from Retail to healthcare, from startups to SMEs we have carefully designed thousands of graphs for those who value and understand the importance of data visualisation.