E-payments overpowers cash this festive season

As festive season is round the corner consumers are preferring digital payments over cash for completing their shopping needs, says a survey conducted by ACI Worldwide.

E-payments

The report reveals that nearly 42 percent of consumers in India like using digital modes of payment for P2M transactions with 29 percent dominated by cards and 27 percent by cash.

Furthermore, young populace are choosing e-wallet and UPI accounting for 42 percent for Gen Z & 48 percent for millennials.

77 percent of youngsters report using digital payments at least once during the festival season as compared to 72 percent of Gen Z and 69 percent of Gen X, the survey revealed.

“Digital payments, including UPI and other eWallets, are increasingly the payment method of choice across a wide spectrum of consumers in India,” said Kaushik Roy, vice president & country leader – South Asia, ACI Worldwide.

He added, “Significant inroads are being made in the merchant payments channel. With monthly transactions on the UPI platform nearing one billion, and credit and debit card usage at the POS experiencing double-digit annual growth, digital and card payments will continue to make inroads into the cash economy.”

For around one in three respondents in this festive season spending without cash. Further, 32 percent of those surveyed have not used cash for festival season purchases.

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