Indians rapidly adopt digital payment routes amid covid-19 crisis: Study

MUMBAI: The covid-19 pandemic has expedited the shift towards digital payments, increased digital channel adoption, spurred consumer interest in savings and safer investments in India, as per a report by Capgemini Research Institute. Indians are increasingly adopting digital payment methods, even those in the older age groups, according to the report.

India is currently at the top in usage of digital payments and will be seen in the next six months, said the report. Almost 80% of the older consumers in the country in the age group of 56-60 years will show the highest usage of digital payment channels in the next six months. This was followed by the age group of 36-45 years at 83%. The global average for increase in digital payment channels in the next six months in both the age groups is less than 50%.

“In the next six-to-nine months, one in five (21%) consumers are expected to make significant use of chatbots, which are comparable to frequent use of bank branches.