A recent study by Hansa Research on digital payments brands reveals that Pockets, the in-house wallet of ICICI Bank, leads the pack of digital wallets in India. Payzapp by HDFC Bank, which recently underwent a facelift, comes second. Hansa Research uses its propriety score called NPS or net promoter score to rate the wallets. NPS is a calculated as percentage of promoters (users likely to recommend the app) less percentage of detractors (users least likely to recommend the app).

The industry NPS for 2022 stood at 34, unchanged from a year-ago. However, in terms of brand awareness, Paytm and Google Pay led the chart, though they rank low on customer sentiments and first-hand experiences. Interestingly, the study also finds Gen Z and Millennials are less loyal compared to their older counterparts. Their switching barriers are lower, with 76 per cent claiming that they have stopped using a digital payment brand due to a poor experience, as compared to 65 per cent of Gen X customers. For the GenZ and millennials, ‘speed’ while transacting, and receiving transaction notifications, are the important factors.