India Ranks Highest In Digital Transaction Amidst Pandemic: Study

Mumbai: The COVID-19 pandemic is driving a surge in a digital payment and this trend is likely to persist in the near future says a study conducted by Capgemini Research Institute. In order to carry out the research, the Institute spoke to more than 11,200 consumers in early April from 11 countries including like India, USA, UK and China and found out that the pandemic has led to shift towards digital payments and increased digital channel adoption. According to the research, 80 per cent Indian consumers falling between the age group of 56-60 years show the highest usage of digital payment channels, which is expected to grow manifold in the next six months. This is followed by the age group of 36-45 years at 83 per cent. 

When compared with the global average, the increase in digital payment channels in next six months for the age group of 56-60 years and 36-45 years stood at 43 per cent and 48 per cent respectively. That said, the India is expected to be highest in usage of digital payments in the next six months. The study further states that, the usage of digital payments amongst Indian consumers in the current scenario stands highest at 75 per cent, followed by China (63 per cent) and Italy (49 per cent). The global average stood at 45 per cent. 

Also, the Indian banking consumers has seen the significant increase in use of digital touchpoints and is expected to increase in next 6-9 months. “According to the study, 57 per cent of the Indian consumers were interacting on mobile app pre-COVID 19, increasing to 67 per cent in the current scenario; and 74 per cent of Indian consumers will prefer interacting over mobile app in the next 6-9 months. The global average on mobile app as a digital touchpoint stood during pre-COVID19 period (47 per cent), current preference (52 per cent) and expected use in next six to nine months 55 per cent,” points out the study.