Mobile transactions double between October 2017 and June 2018: RBI report

Transactions done on mobile banking have doubled between October 2017 and June 2018 to more than 306 million, according to the data released by the Reserve Bank of India (RBI).

The value of transactions through mobile banking channels have risen to Rs 2 lakh crore for the first time in over a year, the data showed.

Experts told the Financial Express that the transaction values and volumes might be on the rise due to several digital payment options that consumers now have.

For example, Google Tez, PhonePe, Paytm Payments Bank, all give the facility to transfer funds via UPI.

The numbers of transactions made in January 2018 suggest that some of the growth in volumes may have come from Paytm’s conversion to a payments bank. With 42 million transactions and a 19.5 percent share in volumes, the State Bank of India (SBI) is followed by Paytm in mobile banking transactions.