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Last Updated : Dec 08, 2016 01:54 PM IST | Source: Moneycontrol.com

E-wallets cashing in on demonetisation? RBI doesn't believe that

Online wallet companies have declared massive jump in traffic on the back of the ban on high-value currency notes. However, the data released by the Reserve Bank of India (RBI) paints a less buoyant picture, reveals a report in The Economic Times.


Moneycontrol Bureau

E-wallet companies like Paytm and MobiKwik have been riding high since the government implemented its demonetisation scheme on November 8.

These companies have declared massive jump in traffic on the back of the ban on high-value currency notes. However, the data released by the Reserve Bank of India (RBI) paints a less buoyant picture, reveals a report in The Economic Times.

As per RBI data on the 8 leading wallets, 5.9 crore transactions worth Rs 1,320 crore were done in November.

But, India’s largest digital payments' company Paytm alone claims to have seen 50 lakh transactions on daily basis worth Rs 100 crore including non-wallet transactions. It is witnessing close to 32.5 lakh wallet transactions everyday.

FreeCharge said that its transactions saw 9-fold jump while MobKwik saw 18-fold jump in volume.

Digital payment companies have benefited from demonetisation as people are turning toward online payments to deal with the cash crunch in the economy.

At the beginning of December (first 4 days), about 25 lakh transactions worth Rs 60 crore were done, as per RBI.

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First Published on Dec 8, 2016 09:56 am
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