Are you using the digital methods for payment? How likely it is for stay?
According to latest findings, millennials are the chief money earners with a 47% share in the working age population in India. The younger generation has been talked quite a lot and they are technology savvy as well. This doesn’t come as a surprise to us. It is estimated that by 2025, it shall be the highest earning population and that in turn impact the banking sector. This new section of the population strongly believes in a cashless economy, extending mobile payments and digital processes.
A sample study revealed that 8 out of 10 youngsters will prefer to conduct transactions using a mobile phone.
Looking at the statistics, it is obvious that youngsters are preferring digital payments. But the question remains why digital wallets needed in India and are digital wallets liked so much?
Interesting Read: Digital Wallets: why is it needed in India?
Of course, paper money is never safe, especially during transit. So the inclination towards digital channels is the proof.
Security could be quite the significant factor considering how much this generation uses mobile phones and its equivalents. Digital wallets have security vaults to ensure no thefts or breaches take place in the background. This consists of bio-metrics including fingerprints, iris scan, two step authorization, real time pop ups, and many more. That clearly indicates the safety shield around the digital wallets and payment methods. Nothing sensitive can be tampered with.
Digital transactions in India reached a good $2 trillion last month. Digital transactions help to plan, regulate and check expenditures.
Today, the digital world is believed to be more trustworthy and secure than before. The stringent government norms are working well to deal and protect data that users register on the portals.
More than half of the younger generation wants ease and control over their payment methodologies, which is why they will like to stay with digital for all their budgeting needs.
The highlighted points of why the young generation prefers digital payments:
- Convenience: Digital wallets give the ease of use to individuals to know their bank accounts status, credit limit, money budgets, payments, and what not. This has clearly helped to speed up so much online. The real time aspect of the digital transactions attracts people the most. The waiting time is significantly reduced with this operability. The long queues and transactional hassles are remarkably reduced.
- Earning loyalty rewards: This is an important feature of digital payments. One gets the privilege to earn loyalty points along with credits for almost every activity on the platform. This is missing when you’re using cash as it quite a brief dealing of money. These add ons make digital mediums even more attractive. For example, Paytm gives users the opportunity to earn loyalty, cashback & gift cards.
- The Future is Digital! The young generation are all the more wanting digital services for speed of transaction and instantaneity of work done for mobile banking and real time notifications. Technology is their king! This will only make things and lives simpler.