As the Coronavirus crisis worsens in India, we know one thing for sure- the world will now be forever diving into Pre-Covid 19 and Post-Covid 19. It has changed all aspects as our life, including how we transact in the market. Indian payment market, historically dominated by cash is also evolving to meet the demands of the time. Increasing internet penetration is driving the rise Online Payment Apps in India.
This is reiterated in Numr’s recent survey, the result of which is below.
As per the report, 83% urban Indians use Online Payment Apps. Out of these, Kolkata has the lowest concentration of Payment Apps users while Pune has the highest. (76% and 88%).
In addition, more men reported that they use Payment Apps as compared to women.
Similarly, more younger Indians prefer Payment Apps as compared to their older counterparts. And,
90% higher income Indians frequently use Payment Apps as compared to 75% lower income Indians.
Majority of the respondents use PayTM for online transactions, followed by Google Pay and PhonePe. Amazon Pay also followed closely as the fourth most used Online Payment Service.
Often, tech-savvy Indians use more one App to meet their payment requirements. Therefore, Numr asked the respondents to select the Payment App that they use most often.
Again, PayTM and Google Pay occupied the first and second spot. However, unlike before, 14% respondents chose Amazon Pay as compared to 8% who chose PhonePe.
As per the survey, majority of the respondents use Payment Apps because they offer ‘Rewards and Cashback’ (61%).
This was followed by ‘Easy to render exact change’ (47%) and ‘don’t like carrying cash’ (31%).
For women, ‘It’s inconvenient to visit ATM’ was far more important than for Men.
Age group wise distribution,
‘Recharge’ emerged as the top, followed by ‘Bill Payment’ and ‘Food Delivery’. Also, ‘Booking Tickets’ also featured heavily, along with ‘Restaurants’ and ‘Daily Travel’.
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This survey was conducted with an ONLINE PANEL between 13 March 2020 to 21 March 2020. also, All respondents were over 18.
Also, this survey was done in association with Walkify. Which is a health and wellness app that gives its users cash or gifts for walking.
Cities- Delhi NCR, Mumbai, Kolkata, Bangalore, Chennai, Pune, Hyderabad and Ahmedabad.