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Digital payments have witnessed a massive boom amid the Covid-19 pandemic according to a survey by merchant payments solution company India Transact Services Limited.
“While businesses across various sectors are staggering under the cascading effects of the pandemic, there is a sector which is experiencing a surge in usage — digital payments,” the report read.
According to the survey, 57 per cent of respondents used digital payments 5-6 times a week while 21 per cent of them claimed to use it thrice. About 20 per cent of respondents used digital payments less than three times a week.
As digital payments witness a massive surge, UPI has emerged as the most popular mode for customers according to the survey.
“Among the different modes of digital payments available to the consumers -UPI/BHIM, Tap & Pay on PoS terminal via credit/debit, E-wallets, QR Code, Payment Gateway, SMS Based Payments and Prepaid Cards, UPI based payments were found most popular among people,” it added.
As per the report, 80 per cent of the respondents had said that they were aware of UPI-based payments. Awareness about net banking as a mode of payments was 71 per cent.
For consumers opting for digital payments failed transactions followed by frauds and internet connectivity were some of the major concerns as per the report.
Sunil Khosla, President – Digital Business India Transact Services Limited said, “The survey has been helpful in finding out the different modes of digital payments people have been using during the lockdown and will continue to use post lockdown. While it will take time for normalcy to resume, people will continue using contactless payments. The lockdown has also brought many people who were not very tech-savvy and much aware of digital payments closer to the ecosystem.”
“The anxiety and fear of virus spread is taking a toll on everyone and people are taking all possible precautionary measures to stay safe, digital payments being one of them. Among other things, the survey has also revealed that 70 per cent of people feel there has been an increase in the number of digital transactions because of Covid-19”, he added.
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