Mobile banking, wallet transactions show strongest growth in Aug: RBI

Electronics payments for the month of August grew moderately, with mobile banking and wallet transactions showing the strongest growth, according to the data released by the Reserve Bank of India (RBI).

Mobile banking volume for August grew 7 per cent to 365.79 million, but the value dropped marginally to Rs 2,069.27 billion.

Mobile wallet transactions for August stood at 340.65 million in volume and Rs 155.73 billion in value, against 325.18 million and Rs 152.02 billion, respectively, in July. This was a rise of 5 per cent in volume and 2 per cent in value.

However, Unified Payments Interface transaction volume in August had jumped to 30 per cent during the same period, according to the National Payments Corporation of India data.

Prepaid payment instruments (PPI) — comprising mobile wallets, PPI cards, and paper vouchers stood at 372.94 million in value and Rs 189.81 billion for August.

Electronics payments, on a whole, however, only saw a marginal rise in volume in August over the previous month, while value fell by 2 per cent. 
 

Credit and debit cards fell marginally in volume and rose marginally in value. The value of credit card payments was Rs 479.82 billion in August, against Rs 477.58 billion in July. The value of debit card payments for August rose to Rs 489.72 billion, from Rs 483.06 billion in July.