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The above graph represents the total number of PPI transactions in India by month. In October 2019, a whopping 484.83 million transactions were recorded on PPI (Prepaid payment instruments), representing a 20% month-over-month increase. On a yearly basis, it’s a considerable 15% year-over-year increase in the volume of PPI transactions in India. Over 85 % of these transactions were completed through mobile wallets.
|Source||Reserve Bank of India (RBI)|
|Note||India fiscal year starts from April 01|
One must note that India recorded its highest-ever volume of 484.83 million transactions using PPIs (including Mobile wallets and PPI cards) in the month of October 2019.
It was the first time in October 2016 when the total number of PPI transactions in India crossed the 100-million mark. The transaction volume increased from 97 million in August 2016 to 126.9 million in October 2016. That’s representing 30.7% month-over-month growth in PPI transactions in volume. The number of PPI transactions went up remarkably from November 2016, after the demonetization announcement in India.
As the graph shows, in March 2017, the Prepaid payment instruments (PPIs) recorded a volume of 342.09 million transactions, with over 22% M-oM growth. However, later it started declining from 278.08 million in May 2017 to 236.16 million in November 2017.
In October 2018, India achieved its first 400-million PPI transactions in volume. Transaction using PPIs rose 17.4% month-on-month to 420.2 million in October from 357.9 million in September, according to RBI data.
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.