x

E-wallets, Credit Cards Preferred Modes For Transactions Among Digital Users In India

Home »  Credit cards »  E-wallets, Credit Cards Preferred Modes For Transactions Among Digital Users In India
E-wallets, Credit Cards Preferred Modes For Transactions Among Digital Users In India
Nirmala Konjengbam - 19 August 2019

Life has become fast-paced in the 21st century thanks to the internet. The advancement in the technology, the adoption of multimedia phones, the availability of high speed internet, all the aforementioned factors have the changed the game of behavioural usage towards usage of services and payments.

And this change has been captured by the 2019 Digital Habit Survey conducted by the Exide Life insurance.

According to the survey report, the digital revolution has led to emancipation of women on financial front with more women taking control of their financial requirements, making decisions and purchasing products and all this are done digitally.

The survey stated that 41 per cent of the female participants of the survey reported to be comfortable with conducting online transactions.

The Digital Habit Survey was conducted among over 7,500 people across top 25 cities of India. This email and SMS survey was conducted for 45 days during March-April 2019. 29 questions were posed to respondents to gauge their digital habits and only fully completed surveys were used to form the findings of the survey.

What the survey report indicates is that being digitally active is not any more a trend but has been inculcated by many into their life as part of their lifestyle.

The survey revealed that six out of 10 people prefer e-wallets, which shows a likeness for e-wallets by over 50 per cent of respondents. While credit cards are being considered a risky affair in general, the people who participated in the survey reported that the usage of credit cards as compared to debit cards are higher by at least 8 per cent.

While entertainment transactions have always constituted a large chunk of online activities, in the 2019 report, it came out that over 48 per cent of people are using the “digital platforms not only for entertainment or information but also for their financial transactions.”

However, buying something as valuable as medicine is still preferred to be an offline process by most. 60 percent of the respondents reported that they don’t prefer buying medicines online. Respondents also said that the online reviews play a major role in helping then take decisions.

Rupay Makes The Debit And Credit Space More Competitive

Related Articles