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After demonetization, it seems that all online payment options became the preferred way to do things. We already had our credit cards, debit cards, and online bank transactions but now they were much better and had evolved to include cash on delivery, mobile payments as well.
In General But, which is the all-time favourite? Is it still the cards, or are we more digital now, or is it some other? According to what Visa found out in a recent survey, payment cards – this includes everything from credit, debit and prepaid cards – was the most used form of payment, and this was largely just for online purchases. Another majority described how they still preferred cash on delivery, as it offered them some level of transparency, security. And there was another group of people who preferred using just the debit card. In India But what this really shows is that we have officially made that shift over to cards, from our cash medium. So today, consumers are now concerned about using the right medium at the right time, and this depends a lot on the amount being paid. For example, they are more likely to use digital wallets for food ordering, mobile recharges and booking a bus or cab, in fact, any smaller payments that would’ve been a hassle had we not made this digital shift. And, it’s faster, convenient and successful – in that, you don’t run short on cash, search for change and don’t have to wait at ATMs. COD is still preferred even it does involve handling cash. COD gives buyers the experience of being able to see first and then buy, a good move to make especially when making bigger purchases. The other advantage it has is that it permits the user to pay only after placing an order for an item, and it could be days before he actually receives that item. So, he can be prepared with the exact amount or doesn’t have to worry about tracking a transaction should cancel that order. For more actionable insights into the E-Payment Solutions Market In India, get a customized report here.
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