The above graph represents the total value of mobile banking transactions in India by month. The usage of mobile banking services in India has constantly been increasing for the last few years. However, despite increasing the number of mobile banking transactions, the total value of those transactions declined in both August and September 2019. The total amount transacted through mobile banking apps declined from a record-high Rs 5,631.4 billion in July 2019 to Rs 3,280.4 billion in August 2019 and further Rs 3,166.26 billion in September 2019.
|Source||Reserve Bank of India (RBI)|
|Note||India fiscal year starts from April 01|
July 2019 was the first time when the total amount transacted through mobile banking apps in India crossed Rs 5,000 billion (Rs 5 trillion) mark.
As the graph shows, in July 2017, India witnessed a huge 55% month-over-month decline in the mobile banking transaction value. The total amount transacted through mobile banking apps in India declined from Rs 1,807.65 billion in June 2017 to Rs 811.61 billion in July 2017 and Rs 805.06 billion in August 2017.
One must note that the August 2016 was the first time when the total value of mobile banking transactions in India crossed Rs 1000-billion mark. About 71.76 million transactions valued at Rs 1,038.97 billion took place using mobile banking services in August 2016. That represented an impressive 28.3% month-over-month growth when 67.47 million mobile banking transactions valued at Rs 809.59 billion took place 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.