MUMBAI: Facing stiff competition from new entrant Jio and incumbents Bharti AirtelBSE -0.37 % and Vodafone, Idea CellularBSE -3.22 % on Wednesday rolled out free data bundled in the plans for their customers. This comes within few weeks of the incumbents offering similar services to compete with Mukesh Ambani owned Reliance Jio, which has been boasting of getting half a million subscribers a day since its launch.
Banks have recorded 9.4% month-on-month rise in number of mobile banking transactions with the value growing 20.9% in November.
Credit cards and mobile-wallets have also grown in terms of numbers in November but they failed to capture month-on-month growth in volume of payment, perhaps due to the shrinking economic post demonetisation.
RBI data on payment and settlement system recorded 8.55 crore mobile banking transactions worth Rs 137278 crore in first month of note ban, compared with 7.81 crore transactions worth Rs 113564 crore in October.
Private sector Axis BankBSE 0.36 %, which enjoys a 13% share in mobile banking, recorded 37% rise in mobile banking registration in West Bengal and 97% in the North-East.
Despite the traction in mobile banking, security and malware issues related to mobile phones kept consumers concerned. To overcome this, offline digital cash solution providers such as PaySe are making attempts to capture the opportunity.
RBI data showed that 9.8 crore credit card transaction worth Rs 26432 crore took place in November, compared with 8.95 crore transactions worth Rs 30242 crore in the preceding month. Debit card usage has fallen too both in terms of value and volume.
M-wallet providers registered 38.6% jump to 13.80 crore transactions in November, compared to 9.96 crore in the month back, but volume fell to Rs 3305 crore from Rs 3385 crore.