Mumbai, Nov 14 (PTI) Global payment solutions companyVisa today said there is a high inclination among Indianconsumers to embrace new forms of payments, according to astudy.
The study conducted in collaboration with YouGov,examining the consumer sentiment around digital payments inthe country, observed that 78 per cent of people surveyed arelikely to embrace new forms of payments.
"IoT, contactless payment technology, enablingsimplified, secure and faster eCommerce experience are some ofthe trends defining the next wave of the future of payments,"TR Ramachandran, Group Country Manager, Visa, India and SouthAsia, said in a statement.
"The study shows that while consumers are steadilyembracing digital payments, they are also seeking securepayment forms," he added.
One of the factors that surfaced as the key driver ofthis adoption was the ease of transition to digital formfactors of payments, as stated by 86 per cent of therespondents.
Amongst those who have used less-cash currently thanbefore, 70 per cent state that the main reasons to transitaway from cash include convenience, efficiency and speed oftransaction offered by digital modes, the statement said.
This survey was aimed at understanding the pulse ofthe Indian consumer and their views towards the transition toa digital economy.
The study indicates that 41 per cent find thatmerchants they go to only accept cash, while 39 per cent areworried about the security of their transactions.
Further, 52 per cent find insufficient modes ofpayments as a key barrier.
Significantly, over 81 per cent of consumers valuesecurity more than convenience when it comes to makingpayments online, it said, adding this is similar acrossgender, ages, household income and education levels.
The survey, which was conducted across threecountries, India, Sri Lanka, and Bangladesh also shows thatmillennials are more likely to use digital payments foreveryday essentials like shopping at supermarkets, online,department stores, fast food restaurants, and taxis.
The study also shows that the inclination towardsembracing digital is higher amongst those from a higher incomehousehold.
According to the survey, cash usage continues todecline marginally from around 33 per cent last year, to 31per cent currently, and is expected to come down further toaround 25 per cent over the next 12 months.
On the contrary, digital payment forms like card usagecontinues see uptake, rising from around 34 per cent last yearto over 36 per cent currently, and likely to touch 39 per centin a year. PTI DSKNRB.
This is unedited, unformatted feed from the Press Trust of India wire.