The above graph represents the monthly distribution of the PPI transactions volume in India by type – mobile wallets and PPI cards. In October 2019, a whopping 484.83 million transactions were carried out through Prepaid Payment Instruments (PPIs). Interestingly, nearly 70% of those transactions were completed using mobile wallets, and rest 30% were completed using PPI cards.
|Source||Reserve Bank of India (RBI)|
|Note||India fiscal year starts from April 01|
The volume of m-wallet transactions in India hit an all-time high in the month of January 2019. Out of the total 443.58 million PPI transactions, over 89% or a whopping 398.27 million transactions completed using mobile wallets. Nearly 47.75 million transactions carried out through PPI cards during that month.
On the other hand, the total number of PPI card transactions increased an applaudable 130.4% M-o-M to a record-high 145.5 million in October 2019.
In the wake of demonetization, India witnessed astonishing growth in the number of PPI transactions (including mobile wallets and PPI cards). From just 97 million in September 2016 to 126.9 million in October 2016, PPI transactions volume grew over 30.7% month-over-month. Over 78.5% of those 126.9 million transactions (i.e. 99.57 million) in October month completed using mobile wallets. While about 27.29 million transactions were done through PPI cards and a small 0.041 million through paper vouchers.
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.