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As per an article by Business Today, during the first ten months of demonetisation – November 2016 to August 2017, the volume of mobile banking, mobile wallet and card (both debt and credit) transactions soared.
The volume of mobile wallet transactions went up from 537 million to 2,407 million, a whooping increase of 348%. Whereas, mobile banking volumes surged by 100% from 524 million transactions to 1,048 million transactions. Alternatively, the volume of debit and credit card transactions at POSs’ and ATMs’ only registered a 16% hike, going from 9,132 million to 10,612 million. The demonetisation and limitations on ATM withdrawals are being attributed for this relatively sluggish increase.
On the other hand, the value of mobile wallet and mobile banking transactions climbed during November 2016 to August 2017 while that of card (debt and credit) transactions registered a slight decline in terms of a year-on-year calculation basis. The value of mobile wallet transactions rose from Rs. 24,174 crore to Rs. 67,472 crore while the value of mobile banking transactions swelled from Rs. 6.06 lakh crore to Rs. 14.40 lakh crore, an increase of 137%. However, with the figure of Rs. 26.22 lakh crore, the value of card transactions for the Nov. 2016 – Aug. 2017 period posted a 2% downfall when compared with the card transactions value of Nov. 2015 – Aug. 2016 period.
