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India’s Mobile Wallet transactions fell by 13 percent in March

The E wallet transaction in the country has met with a decline in terms of the value in the month of March, 2018. As against the INR 310.01 million transactions held in the month of February, it fell to INR 268.79 million in March. While the transactions fell by 13 percent, the value of transactions however met with an even bigger fall. As against the February figure of 13,100 Cr, the industry clocked INR 10,000 Cr in March.

Evidently, it was the decision of RBI mandating the e KYC, which resulted in the industry lost its sheen. The trend, if continues, could block the digitization of payments, since it is via mobile phones, which the bulk section of the digital transactions take place. However, the IMPS (Immediate Payment Service) transactions met with a positive growth. A total of 190 million transactions were made via UPI in March, as against 178 million in February.

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