How Is India Using the *99# Mobile Banking Service?

• Ananya Matta

TL;DR
The *99# mobile banking service, introduced to promote financial inclusion across India, has seen fluctuating usage trends in transaction volume and value from 2016 to 2025. While the number of banks supporting the service peaked at 119 in May 2024, usage volume and value have shown an overall decline with only occasional spikes. The data reflects the evolving role of USSD-based banking as smartphone apps and UPI dominate India’s digital payment landscape.

Context
The *99# service, launched by the National Payments Corporation of India (NPCI), enables basic mobile phone users to access banking services without internet access. Designed especially for underbanked populations in rural and remote areas, the service allows users to check balances, send money, and access mini statements using USSD (Unstructured Supplementary Service Data) codes.

Tracking the volume and value of transactions over time reveals how the adoption of this service has changed across a nearly 10-year span. With India’s digital payment landscape rapidly evolving, *99# serves as a window into how inclusive banking services are keeping up.

Who Compiles This Data?
The data is compiled by the National Payments Corporation of India (NPCI) and published on Dataful, covering monthly trends from 2016 to 2025, including the number of live banks, transaction volume (in millions), and value (in ₹ crores).

Where can I download Clean & Structured Data?
Access comprehensive data on *99# in India on Dataful

Key Insights

Declining Volume and Value of Transactions

• In 2017–18, *99# transactions averaged around 0.17 million per month, with the average monthly transaction value of approximately ₹28 crore.
  
• By 2021, the monthly transaction volume dropped further to an average of 0.10 million, and by May 2025, although volume briefly peaked at 0.49 million, the value had declined to just ₹7.01 crore.
  
• Overall, the service has seen a gradual decline in both usage and value, with occasional short-lived spikes.

Banks Supported Grew, Then Plateaued

• The number of banks live on the platform steadily increased until 2024, peaking at 119 banks in May 2024.
  
• However, by May 2025, only 29 banks were live on the service, suggesting a significant shift in how banks prioritise *99#.

Smartphone Penetration vs USSD

• The falling usage of *99# aligns with the rise of smartphones and mobile internet, which have made app-based banking (e.g., UPI) far more convenient.
  
• Yet, *99# remains an important service for digital inclusivity, particularly in regions with poor connectivity or where smartphone usage is limited.

Why Does It Matter?
While India has made enormous strides in digital payments through UPI and mobile banking apps, *99# provides insight into the financial behaviour of populations still outside the app ecosystem. Tracking its usage helps policymakers, banks, and digital finance advocates understand:

• The digital divide in mobile banking adoption.
• The continued need for low-tech financial solutions.
• Where investments in digital literacy and infrastructure could make the most impact.

Key Numbers (from 2016 to 2025, till May 2025)

Average monthly transaction volume using 99# (in million):
0.03 → 0.20

Average monthly transaction value using 99# (in ₹ crore):
₹1.76 → ₹12.10

Number of banks live on 99# service:
May 2018: 74 → May 2021: 83 → May 2025: 29

Peak monthly transaction volume:
0.49 million (May 2025)

Peak monthly transaction value:
₹43.07 crore (September 2023)

Lowest monthly transaction volume:
0.03 million (December 2016)

Lowest monthly transaction value:
₹1.76 crore (December 2016)