Airtel, Vodafone and Idea m-wallet Transactions Increased by 50% Following Rs. 500 and Rs. 1,000 Ban

After the ban of Rs. 500 and Rs. 1,000 notes by Narendra Modi, Airtel, Vodafone and Idea's m-wallet services have experienced up to 50% growth in just 4 days.

After Narendra Modi decided to ban Rs. 500 and Rs. 1,000 Indian notes, the only rescue for people have been m-wallet online transactions. Almost everyone has been dependent on m-wallets rather than on cash, which in turn increased the transaction by up to 50% in just 4 days.

Airtel, Vodafone and Idea m-wallet Transactions Increased by 50%

The ban on high denomination notes has highly profited the telecom industry, especially Airtel, Vodafone, and Idea Cellular.

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Yes, the m-wallet transactions of these telcos have seen a major rise and have increased by up to 50% in the past 4 days ever since Narendra Modi's historic move to ban Rs. 500 and Rs. 1,000, as reported by the Economic Times.

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m-wallet Have Been a Saviour

Soon after Rs. 500 and Rs. 1,000 notes were banned by the Modi, most people didn't have any cash with them. This lack of cash situation resulted in the increasing profit for the wallet service, as the m-wallet transaction has been the only option to continue the daily activities without being affected by the cash ban.

Notes Ban Profited the Telcos

The demonetization has been extremely profitable for the telecom companies, especially their wallet business including Airtel, Vodafone, and Ideas. The m-wallet business should see a minimum 40% to 50% growth in the next two quarters.

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How Did The m-wallet Service Helped?

After the ban of Rs. 500 and Rs. 1,000 notes, the only way that enabled the mass led an unaffected life, are the wallet services.

These wallet services are mainly offered by the telecom operators, which everyone can install on their smartphones as an app, which will help them pay utility bills, buy movie tickets, recharge mobiles, and top up DTH and other necessary services.

 

Telcos Are Planning To Improve Their Wallet Service

Telecom operators like that of Bharti Airtel said that growing wallet services would boost the growth of a digital payment ecosystem and in turn accelerate India's move to a cashless economy.

As per ET, one of Airtel's official asserted that they are planning to add more merchants in order to boost the m-wallet usage levels and also has plans to roll out banking services very soon.

 

Future of Wallet Services

A study by an Assocham-RNCOS states that the value of mobile payment transactions in India will exceed by Rs. 2,000 trillion in FY22 from a shade over Rs 8 trillion in FY16. This will, in turn, boost cashless transactions with the increased use of digital wallets, debit and credit cards.

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