MAM
Google Pay tops the chart among e-wallets app users at 38%, followed by Amazon Pay & Paytm: WATPapers
Mumbai: WATConsult, the hybrid digital agency from Dentsu Creative India, has released the latest issue of its monthly WATPapers. Titled ‘Digital Transactions in India’, the report is by WATConsult’s research division, Recogn. The report shares insights on the increase in online businesses and purchases, changes in the process of making payments, and the migration of people from cash to digital transactions.
According to the report, the majority of respondents prefer to use digital payment systems like e-wallets and UPI. Apart from that, they have also used credit cards and net banking to complete transactions. It is worth noting that, while 46 per cent of males prefer e-wallets, the majority of females prefer UPI to transact. Furthermore, many youngsters in the age group of 18 to 24 years prefer using UPI and e-wallets.
The report further reveals that among the e-wallet app users, Google Pay (38 per cent) tops the chart, followed by Amazon Pay (37 per cent), Paytm (36 per cent), and Freecharge (32 per cent). While female users choose to use Google Pay, male users prefer using Amazon Pay, Paytm, and Google Pay. In small metropolitan areas, users prefer to use JioPay, Google Pay, and WhatsApp to transact.
Users favour e-wallets owing to the need to switch to a digital payment system and reduce cash transactions. These apps are convenient since they are easy to use and access. Additionally, users also get discounts or cashback on using them, along with some special benefits from specific retailers as well.
“Mobile payments, especially mobile wallets, have been a great driver towards this phenomenon and revolution on a global basis,” said Isobar India group CEO Heeru Dingra, commenting on the latest issue of WATPapers. “Gradually, India is moving toward a cashless economy, which explains the increasing trend of using digital payments systems extensively. The government, under the programme of digital India, has been encouraging and promoting the use of e-wallets via UPI.”
“The UPI platform has witnessed a leap in adoption at a phenomenal growth rate as a payments product across the country. There have been many merchants and businesses in the digital as well as offline ecosystems that have integrated the options of e-wallet apps and UPI for customers’ convenience and ease of transaction. This has positively influenced the country’s mobile wallet market,” she added.
WATConsult managing partner Sahil Shah said, “In the emerging markets, e-wallet apps have garnered much more attention compared to other forms of payment systems. Digital payment adoption is growing, and the onset of the pandemic has created a need for contactless payments in everyday life. The need for digital payments and the rise in the frequency of usage of e-wallets during the pandemic have been evident. There was a change in the behaviour of consumers during the pandemic which had a direct impact on the retail and e-commerce sectors.”
For the record, WATPapers are monthly published short reports based on the primary research conducted by Recogn, the agency’s research division that provides consumer and business insights to the audience. It aims to delve into the different aspects of the digital industry, consumer behaviour, and more.
Link to the report: https://www.watconsult.com/watpapers-digital-transactions/
Brands
Oyo parent Prism appoints former Sebi chief Ajay Tyagi to Board
Former market regulator joins Prism to strengthen governance for IPO
NEW DELHI: Prism, the parent entity of Oyo, has appointed former Sebi chairman Ajay Tyagi as an independent director, as the hospitality firm gears up for its planned Rs 6,650 crore initial public offering (IPO).
Tyagi, a 1984-batch IAS officer, served as chairman of the Securities and Exchange Board of India (SEBI) from 2017 to 2022. His appointment is aimed at strengthening the company’s governance framework and providing strategic oversight as it moves closer to a public listing.
He joins a high-profile board that already includes several prominent names from global business and policy circles. These include Troy Matthew Alstead, former CFO and group president of Starbucks; Aditya Ghosh, co-founder of Akasa Air; Deepa Malik, paralympic athlete and Padma Shri awardee; William Steve Albrecht, professor of accountancy at Utah State University; and Bejul Somaia, partner at Lightspeed Venture Partners.
Prism founder Ritesh Agarwal, said Tyagi’s experience in capital markets regulation and public-institution stewardship will be critical as the company scales operations and enhances long-term accountability.
The company recently filed preliminary papers with Sebi to raise Rs 6,650 crore through a confidential route. Market sources estimate its valuation will be in the range of $7 billion to $8 billion.
Over the course of his career, Tyagi has held senior roles in the ministry of finance, where he oversaw investment policy and financial-sector reforms. His induction to the Prism board signals a renewed focus on aligning the company’s internal standards with the stringent requirements of public markets as it advances toward its IPO.
