/ Researches / Digital Payments: Analyzing the Cyber Landscape in India, April 2017 | KPMG
Digital Payments: Analyzing the Cyber Landscape in India, April 2017 | KPMG
The digital payment landscape in India is undergoing a massive transformation. This returns mainly to the ease of doing payments and that reflected on 88% of respondents who prefer cashless payment over cash.with 48% using digital payment for more than 75% of their transactions.
Learn more about the state of digital payments in India in 2017:
48% of respondents are using digital payment for more than 75% of their transactions.
Although there is a good adaption with digital payment, there are also some barriers such as security concerns (15%), lack of awareness (14%), and lack of strong ecosystems for cashless payments.
Just under half of the respondents (48%) prefer mobile devices for digital payment transactions, compared to only 14% for laptop/desktop.
There was unanimity (100%) from respondents that the endpoints/devices being used for digital payments (such as mobile phones, desktops, etc.) are the main reasons for security incidents because they are not secured.
The availability of strong cashless ecosystem (78%) and no additional charges for making cashless payments (74%) are top factors to enhance digital payments adoption.
Data were driven from over 320+ participants across age groups and different sectors who are the end users of digital payments platform in India (68% males & 32% females).
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