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E-wallets preferred most for mobile recharges, utility bill payments: Study

Mobile digital payments have increased rapidly post demonetisation

Digital Payment  |  Mobile Wallets  |  Digital Transactions

Press Trust of India  |  New Delhi 

online wallet, mobile payment, online payment
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A majority of transactions on in the country are used for mobile recharges and paying utility bills, a study by market research firm Velocity MR has said.

The study -- which was based on a sample size of 2,455 respondents from cities like Delhi, Kolkata, Bengaluru and Pune -- said approximately 9 out of every 10 e-wallet transactions are used to do mobile recharges, followed by paying the utility bills (8 out of 10).

It added that apart from e-wallets, consumers also prefer using debit/credit cards, internet banking, etc as a mode of payment for

"The usage of credit cards, 3 out of every 4 is observed to be the highest among the people who have monthly personal income between Rs 1.5 to 200,000, whereas people having a monthly personal income around Rs 75,000 mostly prefer to use .." said the study, which coincides with the second anniversary of

According to Velocity MR Managing Director and CEO Jasal Shah, smartphone growth wave and the favourable regulatory environment from RBI has pushed up online payments significantly, moving the economy into a "less-cash and transparent state.

"Significant investments in the form of cash back and innovations, like one-click payments, pay anytime anywhere have helped merchants and customers to adopt to save costs as compared to other methods. With the push from government and innovations, are expected to grow further in near to mid-term," he said.

He pointed out that mobile digital payments have increased rapidly post and have contributed immensely in this direction.

The government had on November 8, 2016, announced a ban on old 500 and 1000 rupee notes, to curb black money in the system.

First Published: Thu, November 08 2018. 18:05 IST