NE BUSINESS BUREAU
AHMEDABAD, JULY 2
India’s leading financial service provider Paytm is the most used payment method in the country, much ahead of other methods such as credit and debit card payments, cash-on-delivery, UPI platforms or NEFT, says a study.
As per the research study conducted by Rapyd, a global Fintech as a Service company, 85% of people surveyed have used Paytm to pay for goods and 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, Rapyd 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 and 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.
