Online payments through debit card fast becoming preferred choice, finds survey
The survey has also identified several drivers for increasing electronic payments in India. Convenience and security are the two most important drivers for online payments. Ability to pay over time, use of unplanned purchases, maximising rewards programme, getting discounts and not having to carry cash are some of the other important drivers for online payments through debit cards. Analysing their transaction behaviour, the survey says about 63% young consumers are transacting online using laptops and 19% on their mobile phones.
The survey also found that 85% of Indian millennials put aside money each month into their savings. Majority of them have a savings bank account compared to a current and check account and a higher than average number of Indian millennials own insurance as a form of investment over stocks and bonds. However, the survey also found that debt aversion is the clear reason why Indian millennials do not have a credit card, coupled with fears of mischarges and fraud. The survey was conducted among men and women in the age
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