[expand title=”More Actionable Insights” swaptitle=”Close”]
The above graph represents the total volume and value of mobile banking transactions in India by month. The usage of mobile banking services in India has constantly been increasing for the last few years. In October 2019, the number of transactions completed through mobile banking in India reached an all-time high of 1,252.54 million, valued at Rs 5,327.31 billion. That represented nearly 13% month-over-month growth in both, the volume and value of mobile banking transactions in India.
|Source||Reserve Bank of India (RBI)|
|Note||India fiscal year starts from April 01|
In July 2019, Indians transacted a whopping Rs 5,631.4 billion using mobile banking apps and wallets – the highest-ever till date. However, the value of transactions declined a notable 41.75% in the August month.
It was August 2016 when the total value of mobile banking transactions in India crossed Rs 1000-billion mark, with 28.3% M-o-M growth. About 71.76 million transactions valued at Rs 1,038.97 billion took place using mobile banking services in August 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.