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The above graph represents the total number of mobile wallet transactions in India by month. In October 2019, the number of mobile wallet transactions declined to 339.33 million, representing 0.26% M-o-M and 7.9% YoY decline. The mobile wallets now account for a whopping 70% of the total PPI transactions take place in India.
Number of m-Wallet Transactions In India: History
|Source||Reserve Bank of India (RBI)|
|Note||India fiscal year starts from April 01|
One must note that in January 2019, the number of transactions using mobile wallets in India hit an all-time high of 398.27 million. However, since then it is declining.
The usage of mobile wallets in India has significantly increased over the last few years, especially post demonetization. Thanks to Paytm, Mobikwik, Freecharge, etc. After the announcement of demonetization in India, the number of m-wallet transactions increased to 138.09 million in November 2016, from just 99.57 million in October 2016. Interestingly, in just four months, exactly in March 2017, the m-wallet transactions in India crossed 300-million mark in volume.
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.