The study was conducted in association with YouGov, in a bid to examine the sentiments of the consumer with regards to digital payments.
It observed that as high as 78 per cent of the people surveyed are most likely to opt for payments in new variants.
“IoT, contactless payment technology, enabling simplified, secure and faster eCommerce experience are some of the trends defining the next wave of the future of payments,” said TR Ramachandran, Group Country Manager, Visa, India and South Asia.
“The study shows that while consumers are steadily embracing digital payments, they are also seeking secure payment forms,” he added.
86 per cent respondents said that ease of shifting to digital form of payments acted as a key driver for this recent trens.
“Amongst those who have used less-cash currently than before, 70 per cent state that the main reasons to transit away from cash include convenience, efficiency and speed of transaction offered by digital modes,” said the official statement.
The survey further revealed that cash usage reported a marginal decline from around 33 per cent last year, to 31 per cent currently. This surge is expected to grow further to around 25 per cent over the next 12 months.
The survey was conducted across three countries, India, Sri Lanka, and Bangladesh; indicate that the millennials are most likely to opt for digital payments for buying their everyday essentials like shopping at supermarkets, online, department stores, fast food restaurants, and taxis.