Business
Indians prefer Paytm over card payments, cash-on-delivery or UPI: Rapyd study
Published
4 years agoon
Mumbai, July 2, 2020: India’s leading financial service provider Paytm is the most used payment method in the country, much ahead of other methods such as credit & debit card payments, cash-on-delivery, UPI platforms or NEFT. As per the research study conducted by Rapid, 85% of people surveyed have used Paytm to pay for goods & services online and offline in recent months. Visa Credit Card and Cash-on-Delivery were the other two most used payment methods after Paytm.
In March and April 2020, Rapid conducted a research study to understand the financial habits, payment method choices, considerations, and preferences of consumers in seven different APAC countries, including India, Indonesia, Japan, Malaysia, Singapore, Taiwan, and Thailand. The survey is focused to understand the payment methods consumers currently use and the payment methods they prefer to use.
The report further states that even in terms of preference, Paytm is ranked at the top slot with 20.3% respondents preferring it over any other payment method. Visa Credit Card was chosen by 10% and cash-on-delivery by 5.9% of respondents respectively. Industry insiders cite Paytm’s huge ecosystem and a wide array of use-cases as the reason for its success. Currently, Paytm has over 200 use cases from entertainment & travel ticketing to utility payments.
The report highlights that India’s payments ecosystem is in the middle of a transformation from a cash economy to one driven by digital payments. However, cash as a payment method is still extremely popular among Indian shoppers. As per the findings, eWallet payments are expected to grow by 52% through 2023.
You may like
-
Paytm announces exclusive 100% cashback offer for devotees traveling to Ayodhya through flight and bus
-
Paytm se ONDC Network 2023 Recap: Earphones and Burgers were the most sold items on the platform, with maximum orders from Bangalore across categories
-
Recharge metro card online with Paytm; a step-wise guide
-
Paytm travel deals: Book International flight tickets using Paytm app to avail exclusive discount of up to ₹3,000, and more
-
Paytm expands credit distribution business to enhance focus on higher ticket loans for consumers and merchants in partnership with banks and NBFCs
-
Scan, Save, Play: KidZania and Paytm Redefine Edutainment with Great Offers!