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).