Source: The Economic Times India
Pune: Digital payments are preferred by 42 per cent of consumers in India, leading card payments (29 per cent ) and cash (27 per cent ), according to a new online study conducted by YouGov and ACI Worldwide, a global provider of real-time electronic payment and banking solutions.The study found that younger consumers preferred digital payments (42 per cent for Gen Z and 48 per cent for Millennials), but their adoption was consistent across age groups. Nearly 77 per cent of Millennials had used digital payments at least once during the festival season, compared to 72 per cent of Gen Z and 69 per cent of Gen X. Nearly half (45 per cent ) of Baby Boomers also indicated they had used digitals payments within the survey period.“Digital payments, including UPI and other eWallets, are increasingly the payment method of choice across a wide spectrum of consumers in India,” said Kaushik Roy, vice president & country leader – South Asia, ACI Worldwide. “While there is still a perception that UPI, for example, is primarily for the peer-to-peer channel, this study shows that significant inroads are being made in the merchant payments channel.