Increase in the use of mobile wallet, figures released by RBI

mobile wallet

City or village, mobile was generally considered the only way to negotiate. When the Demonetisation took place, the mobile work changed rapidly. On the request of the government, the people uses mobile as a wallet for cashless transactions. It doesn’t matter that the phone was an advance smartphone or ordinary pad phones, these phone wallets are saving people’s run to the banks. RBI has released digital payment details from November to April in May, in which mobile banking related issues have increased rapidly. However, due to protests over the issue of Merchant Discount Rate (MDR), credit and debit cards have reduced transactions on Point of Sale (POS).

This race of mobile account was starting in November and now it is taking pace. From ordinary mobile, unrestricted supplementary service data (USSD ie 99), cash transactions almost 50 times, about 26 times the unified payment interface and about two times increase through the immediate payment service. However, mobile banking has also increased at the rate of 20 percent.

In the case of using mobile as a wallet, there is increased the trust of customers who do not use smartphones. In November 2016, where only seven thousand people had made transactions through USSD, in April this number has increased thirty times more than 2.10 lakhs. Even in the case of sending money, the trust has increased. In November only the transactions of Rs 73.02 lakh were made through this, in April it was more than thirty million rupees.

Related posts

Leave a Comment