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*99# : Product Statistics from 2016 to 2024

UID: ST-20241001-IN-01

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Meta Data

Source

National Payments Corporation of India

Last Updated

October 1, 2024

Time Range

2016-2024

Periodicity

Monthly

Overview

The *99# service, launched by the National Payments Corporation of India (NPCI), is a USSD-based mobile banking platform designed to bring financial services to every corner of India. Introduced initially in November 2012, the service had a limited reach, available only through MTNL and BSNL. However, recognizing the crucial role that mobile banking plays in advancing financial inclusion, the *99# service expanded its reach significantly. By August 2014, with the inclusion of 11 Telecom Service Providers (TSPs), the service was re-dedicated to the nation by the Honorable Prime Minister as part of the Pradhan Mantri Jan Dhan Yojana (PMJDY) to extend financial services to the unbanked population. The *99# service plays a crucial role in promoting financial inclusion by allowing users to perform banking transactions via basic feature phones, making it an important tool for bridging the digital divide in India’s banking sector.

Trends & Insights

The *99# service, has shown significant growth and evolution over the years. In April 2016, no recorded statistics indicated the service may have been in its infancy or not yet launched. By December 2016, we saw the first recorded data, a modest 0.03 million transactions valued at 1.76 crores. From 2017 onwards, there was a notable increase in both volume and value of transactions. The service gained substantial traction, with monthly transaction volumes consistently exceeding 0.1 million and values often surpassing 30 crores. This suggests growing adoption and user confidence in the service. The number of banks participating in the *99# service has also increased. While data for the early years is unavailable, we can see that by April 2018, 73 banks were live on the platform. This number steadily grew, reaching 83 banks by January 2023 and further expanding to 108 banks by March 2024. This expansion in participating banks likely contributed to the service’s growth and accessibility.

Interestingly, there was a noticeable jump in bank participation between July 2023 and August 2023, from 83 to 106 banks. This sudden increase might indicate a regulatory push or a strategic initiative to onboard more banks onto the platform. Transaction volumes and values for the *99# service exhibit noticeable seasonality and fluctuations. The service reached its peak in transaction value during the early months of 2017, but following this, there was a steady decline over the years until early 2022. After this period, both transaction volumes and values began to rise again, reaching a new peak around July 2023. However, after hitting this high, the numbers have once again shown a downward trend.

The COVID-19 pandemic appears to have had an impact on the service. There’s a noticeable dip in transaction volumes and values during the early months of 2020, likely due to lockdowns and economic uncertainty. However, the service showed resilience, quickly recovering and maintaining stable usage. The most recent data from early 2024 shows a slight uptick in participating banks and transaction values, suggesting the service continues to evolve and potentially grow. As of March 2024, 108 banks were live on *99#, processing 0.17 million transactions valued at 20.31 crores.

Overall, the *99# service has demonstrated longevity and adaptability in the Indian financial services landscape. While it may not show exponential growth in recent years, it has maintained a stable user base and consistent usage patterns, indicating its ongoing relevance in the digital banking ecosystem.

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Citation

Please cite this article using proper attribution to 360 Analytika when referencing or sharing our content.

National Payments Corporation of India. *99# : Product statistics from 2016 to 2024 (360 Analytika, Ed.) [Dataset]. 360 Analytika. https://360analytika.com/99-product-statistics/

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