Transactions by digital wallets up three times between February and April

July 27, 2015: Transactions by digital wallets have been increased by three times between February and April. Using digital wallets, consumers can pay for the shopping through their smartphones. Mobile transactions are gaining fame in the market as it is a simple and instant process.

 

Digital Wallets

 

In April 2015, digital wallets were used for 6.7 crore transactions worth Rs 1,196 crore were recorded through digital wallets in as compared to 2.4 crore payments worth Rs 876 crore in February. This data is given by RBI in a Right to Information document. According to the document, in April, a total number of digital wallets is 101.86 million.

Now, the customers are trying new modes of payments. Also, the number of Smartphone users has been increased in the country. This is leading to the increment in digital wallet transactions.

The mobile internet company, Paytm is the most used online platform for digital transactions. Paytm is a Noida based company and the consumer brand of One97 Communications. It spent Rs 100 crore on the advertisement of its digital wallet services during February-April. "February was the time when the cricket world cup took place, and we first started advertising on television. As a result, we attracted new users," said Amit Lakhotiya, vice- president at Paytm. "While existing users have become comfortable in making high-value transactions, new users are still experimenting with the product."

Also, the wallet companies offer different gift vouchers and recharge offers for the customers. To earn reward points and coupons, consumers use the digital platform for transactions.