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The above graph represents the total value of mobile wallet transactions in India by month. In October 2019, about Rs 151.09 billion worth of transactions were completed through mobile wallets in India. That showed nearly 2.96% month-over-month increase in the value of mobile wallet transactions, from Rs 149.75 billion in September 2019. On a yearly basis, it was a notable 19.6% YoY decline in the total value of m-wallet transactions. The country also recorded a 7.9% YoY decline in the number of m-wallet transactions in October month.
Value 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 the transactions through mobile wallets in India hit an all-time high in October 2018, in terms of value. The country recorded a whopping 24.4% month-over-month growth in its transaction value, amounting to Rs 187.86 billion in October month.
December 2017 was the first time when the total value of mobile wallet transactions in India exceeded Rs 100-billion mark. About 288.37 million transactions worth Rs 125.68 billion took place by people in India using their mobile wallets.
From just Rs 33.06 billion in November 2016 to Rs 74.48 billion in December 2016, India has witnessed an astonishing 125.3% month-over-month increase in its mobile wallet transactions in value. It was the time when the government of India banned the use of Rs 500 and Rs 1000 notes.
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.