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The above graph represents the monthly distribution of mobile wallet transactions in India in terms of volume and value. India recorded about 339.33 million transactions worth Rs 151.09 billion through mobile wallets in October 2019. That represented nearly 0.26% M-o-M decline in transaction volume and 2.96% M-o-M increase in transaction value during the same month. The country also recorded a notable YoY decline in both, volume and value of m-wallets transactions in October month.
Volume and Value of m-Wallet Transactions in India: History
|Source||Reserve Bank of India (RBI)|
|Note||India fiscal year starts from April 01|
In January 2019, India recorded its highest-ever volume of 398.27 million transactions completed through mobile wallets.
On the other hand, the maximum amount transacted so far using mobile wallets in the country was Rs 187.86 billion, in the month of October 2018.
In November 2016, the usage of mobile wallets in India took off in a big way. The reason behind was the announcement of demonetization of Rs 500 and Rs 1000 notes, which left most people cash-strapped. The number of m-wallet transactions in India rose from just 99.57 million in October 2016 to 138.09 million in November 2016.
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.