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Thursday, December 2, 2021

One-third of households in the country make digital payments, boost from DBT – revealed in survey

According to the survey, about one-third of the households in the country make digital payments.

The trend of digital payment is increasing rapidly in the country. The way of payment in this way has not only increased among rich or educated people, but has also made inroads among all income groups or less educated people. This was revealed in a joint study by People Research on India’s Consumer Economy (PRICE) and National Payments Corporation of India (NPCI). According to the survey, about one-third of the households in the country make digital payments. According to the survey, if necessary training and information is made available, more than 54 percent (15.1 million) households will become digital payment users.

This study has been done at 5314 households in 25 states across the country. All income groups were included in this study. The survey conducted an awareness of digital payments, adoption and use of it.

Survey Highlights

  • The study found that 20 per cent of the richest households make a digital payment in every two and 40 per cent of poor households pay in a digital manner in every four.
  • Apart from this, many people in the survey said that they want to pay in a digital way but they should be told first how to use it. Apart from this, some people had used it before but then they abandoned it.
  • According to the survey, if necessary training and information is made available, more than 54 percent (15.1 million) households will become digital payment users. Out of this, 55 crore households will be 40% poor households. Apart from this, 6.1 crore (40 per cent) will be from middle income group and 3.6 crore (20 per cent) households) will be from upper income group.
  • According to the report, 90 per cent of the 20% richest households own a smartphone and 57 per cent of poor households own a smartphone.

Awareness about UPI and Payment Apps

The report revealed that there is a high level of awareness about UPI and payment applications. However, it was also found in the survey that not all households are aware that the UPI platform is interoperable, i.e. the same QR code can also be used for payment to other apps. The report says that awareness should be made among people about UPI payments and they should be told that any bank or payment app can be used to make UPI payments to any UPI user. Use of the RuPay card has not only increased in urban areas, but it has also increased in remote rural areas.

Also read- IMF in support of agricultural laws

DBT reduced digital income group

The study found that the low income group is also digitally connected to the banking system through Aadhaar linkage and SMS facility. 87 percent of the people surveyed said that SMS from the bank helps them to manage their money safely. According to the report, the Direct Benefit Transfers (DBT) system worked better for respondents and around 85% of the households received DBT in their bank accounts during lockdown.

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