Surveys Suggest Indians Used E-wallets the Most in April
Technology has become a mediator for masses during lockdown. As public offices, private companies, and marketplaces are shut, people are relying more on digital payment apps, online grocery apps and entertainment apps. By using tech-enabled applications, it has become easier to pay out bills and purchase commodities at one’s own convenience.
According to the Singapore-based fintech solution provider, Rapyd’s business report, access to the banking services and application usage has increased as over 80 per cent consumers, in nations encompassed in Asia Pacific region, owning a savings account or debit card are using it regularly.
The report has calibrated various transactions including person-to-person (P2P), business-to-consumer (B2C), business-to-business (B2B), and government-to-consumer (G2C). It states that there is a steep increase in usage of fintech applications such as e-wallet during lockdown. According to it, 77.6 per cent of the Indian consumers used e-wallet in the last month (April), followed by 77.4 per cent of Malaysians and 70.2 per cent of Indonesians.
Increasing Usage of eWallets Among Indians
As per Rapyd’s report, e-wallets ( or digital payment applications) have gained prominence amongst Indians for making personal transactions. 33.5 per cent of Indians make personal repayments through e-wallets; it is followed by 24 per cent of Singaporeans.
Security dominated consumer desires in four of the seven countries with 82% of Indians, 75% of Malaysians and Indonesians, and 68% of Singaporeans citing keeping personal information safe as the most important attribute of receiving payments.
The report comes at a uniquely important time as the COVID-19 pandemic has created a massive global economic disruption. By analyzing consumer preferences Rapyd gives businesses reliable information at a time when the demand for alternative employment, delivery apps, and digital marketplace models are growing, while rising unemployment levels could send millions of new workers into the gig economy.
"While data about how consumers prefer to make payments is widely available, businesses struggle to make payouts to gig-workers, online sellers, and B2B partners using the methods that these beneficiaries prefer and often require. Through this report, we are able to provide actionable information to global organizations as they make critical business decisions impacting both the short and long term health of their companies," said Brendan Miller, Head of Global Product Marketing at Rapyd.
The report found that there is no one-size-fits-all approach to global payouts. Every country is unique in its preferences and digital leaders must be prepared to localize their payout experiences to drive beneficiary loyalty and engagement.
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